Pakistan finance minister cancels US trip due to political extremity

KARACHI, Pakistan, April 8( Reuters) - Pakistan Finance Minister  ishaq Dar on Saturday said he'd canceled his trip to Washington for the spring meetings of the International Monetary Fund and World Bank on the orders of the high minister due to the political situation in the country.

Still, Dar said he'd attend important bilateral and multinational meetings nearly and a Pakistani delegation would be present in Washington.

Pakistan is in peril of defaulting on its debt, with an International Monetary Fund bailout programed   stalled since November, while a bruising political battle is raging between the government and former high minister Imran Khan
Dar said that the extremity had been compounded by a recent Supreme Court order striking down plans to delay choices to two parochial assemblies listed for coming month. The order has created a standoff between the government and the court.
We're stuck in a strange mess as a country so under these circumstances, on the orders of the high minister, I've dropped plans to be there (   in Washington) physically," Dar said in a televised address.
The minister rejected reports of the canceled trip being linked to a holdback in Pakistan's IMF bailout programed.

He added that a" indigenous extremity" was created by the Supreme Court, which has demanded that the government give 21 billion Pakistani rupees($ 74 million) to the election authorities by Monday to conduct the pates.


He added that a" indigenous extremity" was created by the Supreme Court, which has demanded that the government give 21 billion Pakistani rupees($ 74 million) to the election authorities by Monday to conduct the pates.

IMF BAILOUT

Dar said that Pakistan, on its part, had completed all conditions of the IMF's programed review for the release of over$1.1 billion in critical backing for the cash- strapped country.

He said all that remained was  evidence  by one country that it would give Pakistan$ 1 billion to shore up its external account conditions. Another country had formerly verified it would give$ 2 billion, he added.
While Dar didn't name the two countries, Pakistan's inferior finance minister on Thursday said Saudi Arabia had conveyed to the IMF its commitment to give backing to Pakistan
Original media has extensively reported that$ 2 billion have been committed by Saudi Arabia, while   evidence of$ 1 billion was awaited by the United Arab Emirates.
The minister said once the$ 1 billion was verified, a staff position agreement would be reached. He denied that there were any other pending issues.
Pakistan is in dire need of finances with its foreign exchange reserves swimming around$4.2 billion which provides slightly one month of import cover.