Resolve political disputes in line with 'Constitution and rule of law': IMF tells Pakistan

In an unusual move the IMF on Tuesday urged Pakistan to resolve its political disputes in line with the Constitution and rule of lawThe remarks by IMF Mission Chief to Pakistan Nathan Porter came after Prime Minister Shehbaz Sharif contacted the chief of the Washingtonbased lender to revive the muchawaited USD 65 billion bailout package in a lastditch effort to avoid a possible defaultCashstrapped Pakistan and the IMF have failed to reach a stafflevel agreement on the muchneeded USD 11 billion bailout package aimed at preventing the country from going bankruptThe funds are part of a USD 65 billion bailout package the IMF approved in 2019 which analysts say is critical if Pakistan is to avoid defaulting on external debt obligationsPrime Minister Sharif and International Monetary Fund IMF Managing Director Kristalina Georgieva took place on Saturday after the government could not break the deadlock according to The Express Tribune newspaperWe take note of the recent political developments and while we do not comment on domestic politics we do hope that a peaceful way forward is found in line with the Constitution and rule of law IMF Mission Chief to Pakistan Nathan Porter said days after Sharif met GeorgievaOn May 9 violent protests erupted after paramilitary Rangers arrested former prime minister Imran Khan from the Islamabad High Court premises in connection with a corruption caseHis Pakistan TehreekeInsaf PTI party workers vandalised a dozen military installations including the Lahore Corps Commander House the Mianwali airbase and the ISI building in Faisalabad in response to his arrestThe mob also stormed the Army headquarters GHQ in Rawalpindi for the first timeThousands of Khans supporters were arrested following the violence that the powerful Army described as a iquestdark dayiquest in the history of the countryPrime Minister Sharif said on Tuesday that his government was unwilling to talk with Khans party due to its nationwide violent riots on May 9The IMF usually refrains from commenting on another countrys political affairsSustaining strong policies and obtaining sufficient financing from partners remain key for Pakistan to maintain macroeconomic stability Porter saidHe noted that the IMF staff continues engagement with the Pakistani authorities to pave the way for a board meeting before the current programme expires by the end of JunePorter also elaborated on the conditions Pakistan has to meet to reach an agreement with the foreign lenderThese include arranging foreign loans approval of a new budget in line with the IMF framework and restoration of the foreign exchange markets proper functioningIn February this year IMF officials and the Pakistan government held discussions which remained inconclusivePakistan currently in the throes of a major economic crisis is grappling with high external debt a weak local currency and dwindling foreign exchange reserves enough to shore up for barely one months importsPakistans inflation level rose by a whopping 364 per cent in the year in April driven mainly by food pricesThis is the highest in South Asia and up from 354 per cent in March according to the countrys statistics bureauMeanwhile the rupee traded at Rs 28541 in the interbank market on MondayThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever