NEW DELHI: India's executive director at the International Monetary Fund (IMF) will place the country's position at a board meeting of the multi-lateral agency on Friday which is expected to discuss a $1.3 billion loan to Pakistan, a top official said on Thursday.
"We have an executive director at the IMF. Tomorrow (Friday) there is a meeting of the board of the IMF, and I'm sure that our executive director will put forward India's position," foreign secretary Vikarm Misri told a news conference when asked about India's position about the IMF loan to Pakistan which would be discussed.
The IMF executive board is scheduled to meet Pakistan officials on May 9 for first review of the extended funding facility, and a request for an arrangement under the resilience and sustainability facility .
Misri said the IMF board members will have to take a decision based on the facts. "The decisions of the board are a different matter - you know, the process through which they are made. But I think the case with regard to Pakistan should be self-evident to those people who generously open their pockets to bail out this country... many IMF bailout programmes have been sanctioned in the space of the last three decades. How many of those programmes have actually reached a successful conclusion - probably not many," he said in response to the question.
"So, I think this is a decision that board members have to take by looking deep within themselves and looking at the facts," said Misri.
Choking of funding to Pakistan will deal a huge blow to its fragile economy. Pakistan had managed to secure a $7 billion bailout programme from the IMF last year and was granted a new $1.3 billion climate resilience loan in March. The 2024 programme was Pakistan's 24th.
Govt is urging multi-lateral agencies, including the IMF, to have a relook at funds and loans provided to Pakistan, also urging the global anti-money laundering agency, the Financial Action Task Force (FATF), to put Islamabad on the grey list.
India is seeking a review of the facilities extended by IMF to Pakistan in recent months to help it avoid bankruptcy, and is also in contact with other entities such as the World Bank and the Asian Development Bank that is financing projects in the neighbouring country.
"We have an executive director at the IMF. Tomorrow (Friday) there is a meeting of the board of the IMF, and I'm sure that our executive director will put forward India's position," foreign secretary Vikarm Misri told a news conference when asked about India's position about the IMF loan to Pakistan which would be discussed.
The IMF executive board is scheduled to meet Pakistan officials on May 9 for first review of the extended funding facility, and a request for an arrangement under the resilience and sustainability facility .
Misri said the IMF board members will have to take a decision based on the facts. "The decisions of the board are a different matter - you know, the process through which they are made. But I think the case with regard to Pakistan should be self-evident to those people who generously open their pockets to bail out this country... many IMF bailout programmes have been sanctioned in the space of the last three decades. How many of those programmes have actually reached a successful conclusion - probably not many," he said in response to the question.
"So, I think this is a decision that board members have to take by looking deep within themselves and looking at the facts," said Misri.
Choking of funding to Pakistan will deal a huge blow to its fragile economy. Pakistan had managed to secure a $7 billion bailout programme from the IMF last year and was granted a new $1.3 billion climate resilience loan in March. The 2024 programme was Pakistan's 24th.
Govt is urging multi-lateral agencies, including the IMF, to have a relook at funds and loans provided to Pakistan, also urging the global anti-money laundering agency, the Financial Action Task Force (FATF), to put Islamabad on the grey list.
India is seeking a review of the facilities extended by IMF to Pakistan in recent months to help it avoid bankruptcy, and is also in contact with other entities such as the World Bank and the Asian Development Bank that is financing projects in the neighbouring country.
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