Finance Minister Ishaq Dar has unexpectedly canceled his trip to the United States to meet with the International Monetary Fund (IMF) management to discuss reviving the stalled bailout package.
Dar canceled the trip due to the increasing political uncertainty, and an ongoing judicial crisis in Pakistan is reportedly the main reason behind the cancellation.
Dar’s original plan was to address concerns of the financial and political worlds regarding the continuity of the Pakistani government, future economic plans, and rebuilding trust with multilateral lenders. The cancellation of Dar’s visit could also affect planned meetings with his counterparts from Saudi Arabia and the United Kingdom.
Due to the prevailing uncertain political conditions in Pakistan, Minister for Economic Affairs Sardar Ayaz Sadiq will also not be attending the spring meetings of the World Bank-IMF, taking place from April 10 to 16 in Washington. Typically, the Economic Affairs Minister represents Pakistan at the World Bank.
Instead, Finance Secretary Hamed Yaqoob Sheikh and Economic Affairs Secretary Kazim Niaz will represent Pakistan at the spring meetings. However, as they are considered equivalent to deputy ministers, they may not be able to meet with high-ranking foreign officials.
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Dar had scheduled meetings with the presidents of the World Bank, Asian Development Bank, and Asian Infrastructure Investment Bank, which are crucial for Pakistan’s plans to raise an additional $6 billion in loans to meet the IMF’s conditions. However, IMF Managing Director Kristalina Georgieva had not confirmed a meeting with Dar.
Pakistan’s delegation will still have a high-level meeting with IMF Deputy Managing Director Antoinette Monsio Sayeh, who closely follows Pakistan’s situation.
Dar’s sudden cancellation of his visit may have significant consequences for Pakistan’s efforts to revive the stalled bailout package and address concerns of the international community regarding the country’s political and economic situation.
