Islamabad, Aug 12 (ANI): Pakistan has accused the International Monetary Fund (IMF) of lacking an understanding of the country's political system, after the IMF attached an unusual condition for a new bailout programme - that is, the president signing the letter of intent.

The Fund is of the view that President of Pakistan takes every decision, thus, it would be appropriate to seek guarantees from the highest level, The Express Tribune quoted a senior ministry official, as saying.

In its comments on the IMF report, the finance ministry explained to the Fund that the president's consent is always taken on important policy matters as the finance minister takes decisions under guidelines given by the Cabinet, prime minister and the president.

The IMF had written to Islamabad that any future bailout programme should be co-signed by the president in a bid to seek guarantees for implementing reforms at the highest level after the finance minister failed to honour commitments. It is standard practice for a recipient country's finance minister to sign the letter of intent on behalf of the government along with the State Bank of Pakistan governor.

The fluid political situation in the country compelled the IMF to put forward the unusual condition, the officials said, adding that the IMF wanted to seek guarantees at the president's level due to the upcoming general elections and the uncertainty looming over the political arena.

After differences of opinion between IMF officials and Pakistani authorities, the Fund's Board of Executives will review the situation. (ANI)