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"Chinese Exim bank rolled over principal amounts totalling $2.4 bln which are due in next 2 fiscal years," he said in a post on messaging platform X, formerly known as Twitter. "Pakistan will make interest payments only over the next two years," Dar said, meaning the wavier is only for the principal loan amount. "In principle, China and Pakistan have close cooperation in economic and financial sectors, and we will continue to advance cooperation with Pakistan to support the country in achieving stability and development," Chinese Foreign Ministry spokesperson Mao Ning said. The IMF team this month met the leadership of all political parties, including former Prime Minister Imran Khan, to seek a continuation of its bailout objectives irrespective of who comes to power. Reporting by Asif Shahzad; Additional Reporting by Andrew Hayley in Beijing; Editing by Tom Hogue and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Ishaq Dar, Dar, Mao Ning, Shehbaz Sharif, Imran Khan, Asif Shahzad, Andrew Hayley, Tom Hogue, Christopher Cushing Organizations: Pakistan Finance, Reuters, Foreign Ministry, Longtime, Beijing, Initiative, International Monetary Fund, United, United Arab Emirates, IMF, Thomson Locations: Islamabad, Pakistan, ISLAMABAD, China, Saudi Arabia, United Arab, Beijing

☆ Pakistan fin min: canceled trip to Washington on prime minister's orders
▼ + stars: | 2023-04-08 | by ( ) www.reuters.com time to read: 1 min

KARACHI, Pakistan, April 8 (Reuters) - Pakistan Finance Minister Ishaq Dar on Saturday said he had canceled his trip to Washington for the spring meetings of the International Monetary Fund and World Bank on the orders of the prime minister due to the political situation in the country. Dar said he would attend important attend bilateral and multilateral meetings virtually and a Pakistani delegation would be present in Washington. The minister played down reports of the canceled trip being linked to a holdup in Pakistan's IMF bailout programme. Reporting by Gibran Peshimam; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

☆ Pakistan finance secretary sees IMF staff level talks wrapping up this week
▼ + stars: | 2023-02-21 | by ( Asif Shahzad | ) www.reuters.com time to read: +3 min

[1/2] Men reach out to buy subsidised flour sacks from a truck in Karachi, Pakistan January 10, 2023. We expect to conclude the consultations soon, even within the week," Hamed Yaqoob Sheikh, the top official in the finance ministry, told Reuters. The staff level agreement would need approval from the IMF's board before the funds can be released. Pakistan has taken steps, such as raising more than 170 billion Pakistani rupees ($648 million) through a supplementary finance bill passed by the parliament on Monday. The IMF funds are critical for the $350 billion South Asian economy, which is facing a severe balance of payments crisis.

The veteran finance minister said multilateral development banks and international donors have been "quite flexible" with ways to meet Pakistan's external financing needs estimated at about $32 billion after devastating floods. But asked whether Pakistan would seek to reduce debt principal, he said "rescheduling is fine, but we are not seeking a haircut. RUPEE DEFENDERDar, who served as Pakistan's finance minister three previous times -- most recently from 2013 to 2017 -- is known as a staunch defender of the rupee . Dar said that he views the "true value" of the rupee at a level under 200 to the dollar. The Pakistan finance minister added that the IMF's new emergency "food shock" borrowing window may also be a good fit for the country, which has lost crops due to devastating floods and may need to import up to half million of tons of wheat in the next year.

☆ New Pakistan finance minister vows to tame inflation and cut interest rates
▼ + stars: | 2022-09-28 | by ( Asif Shahzad | ) www.reuters.com time to read: +5 min

Pakistan's likely new Finance Minister Ishaq Dar walks upon his arrival at the Nur Khan military airbase in Chaklala, Rawalpindi, Pakistan September 26, 2022. "We will control inflation," Dar told reporters in televised comments after he was sworn in. Register now for FREE unlimited access to Reuters.com Register"We will bring interest rates down," he said. WRECKED ECONOMYDar, a senior politician in the ruling party of Prime Minister Shehbaz Sharif, flew to Islamabad on Monday night after ending five years in self-exile in London. "I wasn't able to travel for the last four years," he added, describing the legal action against him as political victimisation by the previous government of Prime Minister Imran Khan.

☆ Pakistan Finance Minister Who Secured IMF Bailout to Step Down
▼ + stars: | 2022-09-26 | by ( Saeed Shah | ) www.wsj.com time to read: 1 min

ISLAMABAD, Pakistan—In the midst of a deepening economic crisis, Pakistan will get a new finance minister after the incumbent lost support from his political party for agreeing to austerity measures in an effort to win a bailout from the International Monetary Fund. Pakistan is seeking to climb out of a balance-of-payments crisis that has seen foreign currency reserves fall to perilous levels. Making things worse, massive flooding this summer caused billions of dollars of damage to the economy.

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