RAWALPINDI: Pakistan is learnt to have been assured by the Consortium countries of 180 million dollars worth of assistance in the next financial year. Formal commitments are expected to be announced at the next meeting of the 11-member Consortium, which is due to be held on May 26 at Paris. Bilateral agreements between Pakistan and the countries concerned will follow soon after. The IMF is also learnt to have assured of a substantial standby credit to help Pakistan meet her deficit balance of payments position. Pakistan had over a year ago asked for a standby credit of 75 million dollars from the IMF, but the request had not been conceded for a number of reasons.

The Consortium at its meeting on May 26 is also expected to announce a 26-month moratorium on Pakistan’s 234 million dollars worth of debt liability. Pakistan’s aid relationship with the Consortium countries and the IMF, which had remained suspended ... [is] being re-established with a clear understanding between all sides in regard to the present realities, especially those resulting from the breaking away of East Pakistan.

Published in Dawn, May 17th, 2022