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After severely criticising the International Monetary Fund (IMF) for setting stringent riders for the $7 billion loan package under the Extended Fund Facility (EFF) programme, Pakistan\u2019s Finance Minister Ishaq Dar may have to eat humble pie. Reason? The immediate challenge for the Shehbaz Sharif government in the new year will be to iron out issues with the IMF and ensure continuity of the loan package. For Pakistan with just $$5.821 billion in its foreign exchange kitty amid debt repayment obligations of more than $8 billion in the next three months, the risk of a default has multiplied. It will have to make a repayment of $1 billion to two foreign banks by this month.<\/strong><\/p>\n \u201cThe IMF is pressing for acceptance of its conditions. If we back off it will create more problems for the country,\u201d the minister told a press conference here on Saturday, Federal Minister Planning for Development Ahsan Iqbal said yesterday.<\/p>\n Dar has come under the spotlight.\u00a0 A close aide of close aide of PML-N supremo Nawaz Sharif, Dar has been critical of the IMF. He has even gone to the extent of saying that he will not take the IMF \u201cdictations.\u201d<\/p>\n \u201cI do not care if they come, I don\u2019t have to plead before them. I have to look at Pakistan\u2019s interest first,\u201d he said earlier.<\/p>\n Though reports suggest that the pending ninth review between IMF and the Pakistan government for the release of $1.18 billion will finally take place this month, the delay has led to concerns for Islamabad.<\/p>\n Notwithstanding the IMF\u2019s mandate for the loan programme which was revived in August, Dar went on to reduce prices of petroleum and diesel (Pakistani) by Rs 10 and Rs 7.5 respectively last month.<\/p>\n As part of the loan programme, the IMF had mandated Pakistan to increase levy on fuel and eliminate subsidies.<\/p>\n An analyst with a ratings agency told India Narrative that \u201ctime is running out for Islamabad.\u201d<\/p>\n \u201cAfter the current finance minister\u2019s u-turn on key economic policies which included elimination of subsidies, the uncertainties have risen. It is like the devil and the deep sea\u2014you know you urgently need the IMF assistance but at the same time you are trying to play to the gallery,\u201d he said, adding that the policymakers are \u201cwell aware\u201d of the problems and the solutions. \u201cFor Pakistan, the problem is the unwillingness to resolve the pressing issues. They instead focus on non-issues like Kashmir,\u201d he said.<\/p>\n \u201cWill Kashmir solve its debt problems? Get real, focus on real issues.,\u201d he said.<\/p>\n Recently, raising the Kashmir issue at the UN Security Council Open Debate, Pakistan\u2019s Foreign Minister Bilawal Bhutto Zardari attacked Prime Minister Narendra Modi.<\/p>\n After External Affairs Minister (EAM) S Jaishankar noted that cross border terrorism should not be justified adding that Pakistan even hosted Al Qaeda chief Osama Bin Laden, Bhutto lashed out.<\/p>\n \u201cI want to tell India that Osama bin Laden is dead, but the butcher of Gujarat lives and he is the Prime Minister of India,\u201d he said.<\/p>\n While hitting back, India said that the comments were a new low, even for Pakistan. \u201cThe Foreign Minister of Pakistan has obviously forgotten this day in 1971, which was a direct result of the genocide unleashed by Pakistani rulers against ethnic Bengalis and Hindus. Unfortunately, Pakistan does not seem to have changed much in the treatment of its minorities. It certainly lacks credentials to cast aspersions at India,\u201d a statement released by the Ministry of External Affairs said.<\/p>\n Also read: Pakistan\u2019s forex reserves drop to 8 year-low level<\/a><\/strong><\/p>\n