An IMF mission visited Islamabad to initiate discussions on a financial arrangement
with the IMF to support their economic reform program.
The official added that Shaheen Air had taken on board all the stakeholders in the UAE, Kuwait, Saudi Arabia, Oman and China (who operate in their respective countries on behalf of the airline) for the financial arrangement
"We have had productive discussions with the authorities on a possible IMF financial arrangement
that would support these reforms.
Under this new financial arrangement
, Yuan credits to Pakistan would dramatically increase and would give cushion to its liquidity.
This financial arrangement
is combined with the additional financial arrangement
of EUR1.0m implemented earlier and announced on 3 February 2017.
The young nation is obliged under the terms of the 2012 deal to pay Sudan $9.10 per barrel for oil flowing using Petrodar facilities in Upper Nile in addition to a fee of $15 per barrel in fulfillment of a $3.028 billion package which the two sides agreed as transitional financial arrangement
"In light of these changes, the authorities see no immediate need for a financial arrangement
from the IMF," the spokesman said, adding: "The IMF continues to maintain a close policy dialogue with the authorities." --SPA 21:02 LOCAL TIME 18:02 GMT
Further, the shareholders contend that Council Member Helen Sears ignored the problem because of an alleged financial arrangement
between Sears and the directors.
"However, if in the course of this year the situation changes and requires revision of this position, as an IMF member we always have the right to ask for a financial arrangement
. In end September or early October, we expect the IMF Board to take the decision to let us draw 77 million dollars, which as a member state we have the right to use without a formal arrangement, as a withdrawal from our own quota," Minister Stavreski stressed.
The Council notes that the financial arrangement
found for the Galileo project, in November 2007, involved a revision of the financial framework and the member states had vowed at the time not to let that happen again.