WASHINGTON: Finance Minis­ter Ishaq Dar will represent Pakistan at the World Bank and the International Monetary Fund’s spring meetings in Washington next week, as it will be another opportunity for Islamabad to campaign for the renewal of its IMF package.

“Due to financial constraints, the finance minister will come with a small entourage,” a diplomatic source told Dawn. “But the finance secretary and the governor of the State Bank of Pakistan are likely to accompany him.”

The World Bank and the IMF announced that this year they will hold “in-person” meetings at their headquarters in Washington from April 10 to 16.

The meetings will also bring members of the IMF Board of Governors to Washington. Although the board does not consider bilateral packages at the annual meetings, they do provide an opportunity for member states to campaign for their packages.

As the official World Bank announcement said, the meetings also bring together finance ministers of member states, heads of their central bankers, parliamentarians, private sector executives, and academics to discuss issues of global economic concerns.

Representatives of other financial institutions also attend the meetings.

This is particularly important for Pakistan as the IMF asked Islamabad last week to furnish loan assurances from other donors as well to qualify for the renewal of the Fund’s package.

Julie Kozack, the Fund’s Director for Strategic Communications, said at a news briefing in Washington last week that the IMF and Pakistani authorities were still discussing policies to complete the ninth review of Pakistan’s extended Fund Facility.

Official sources told Dawn in March that the political situation in Pakistan had also become a factor in delaying the IMF deal that may help stabilise the national economy. The IMF will also present its world economic outlook at the spring meetings.

Published in Dawn, April 4th, 2023