All eyes are now on Saudi Arabia, United Arab Emirates and Qatar to get Pakistan out of the worst economic crisis in its history. An official told the Pakistani newspaper that now the country has no option but to wait and pray for a recommendation from bilateral partners from the Gulf region. The IMF was reportedly forced to include this condition in the negotiations.
IMF blames everything on Pakistan
Representatives of these countries had promised to provide financial assistance to Pakistan in different ways before the approval of the seventh and eighth review. These included additional deposits and investments. However, even after several months have passed in the current financial year, they have failed to fulfill their commitments. “Now the onus is on Pakistan to get 100 per cent commitment from the bilateral partners before the IMF moves towards signing the staff-level agreement,” sources told the newspaper on Thursday.
Friends became the biggest obstacle in the IMF agreement
The IMF told Pakistan that its credibility could be affected if the Staff Level Agreement is finalized and Pakistan fails to meet its commitments to bilateral partners. This can push the country towards default. The IMF wants to find out the reasons why Pakistan’s bilateral partners are unwilling to honor their earlier commitments. Sources said that in such a situation only the approval of Saudi Arabia, UAE and Qatar can help Islamabad in a staff level agreement.