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Government told IMF, ready to fulfill all pre-conditions News Jani

Government told IMF, ready to fulfill all pre-conditions

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Finance Minister Ishaq Dar assured the International Monetary Fund (IMF) in a virtual dialogue on Tuesday that the government would meet all conditions including hike in gas prices and petroleum development levy.

According to sources, the economic team took part in the talks with the IMF virtually and Finance Ministry officials briefed the IMF about the new tax measures in the mini budget.

The IMF has set preconditions, including raising the PDL on petroleum products, eliminating power subsidies and fixing the dollar’s exchange rate to a market, while inter-bank and open-market differentials should be eliminated.

The international lender also called upon the Federal Board of Revenue (FBR) to raise the revenue target and tax net to meet the targets set in the budget.

According to sources, there is still a deadlock in the virtual talks between the Finance Ministry and the IMF and the date of the IMF mission for the ninth review could not be fixed in the talks. There will also be talks between officials of the IMF and the Finance Ministry on Wednesday.

The sources further said that the IMF is seeking approval of its demands before finalizing the date of the mission and the Finance Ministry officials have assured to fulfill all pre-conditions in the talks. The date of the IMF mission is likely to be finalized at the end of the talks.

Earlier, the federal government had sent a letter to the International Monetary Fund (IMF), requesting it to send its team to Pakistan next week to complete the ninth review for releasing the next tranche of loans pending since last September. .

According to reports, the government is willing to implement the global lender’s four key conditions for revival of the loan program as the South Asian country’s foreign exchange reserves are depleting, putting the country’s essential imports at risk and triggering. New wave of inflation.

The four key demands made by the IMF to revive the program include an increase in gas and electricity prices, a market-based exchange rate, and additional taxes to cover the fiscal deficit.

Finance Secretary Hameed Yaqoob Sheikh has formally written to the IMF mission chief to visit Pakistan next week to revive the much-needed loan programme.

An official told the media that the government has completed work to implement the four IMF demands outlined by IMF officials at a meeting on the sidelines of the Geneva debate.

Another official said that Pakistan is in no position to tolerate failure in talks with the global lender as it could adversely affect the country.

The IMF approved the seventh and eighth reviews together last August and released more than $1.1 billion.

Minister of State for Finance Aisha Ghaus Pasha told the Senate Standing Committee on Finance on Thursday that the government wanted to continue the program with the IMF in such a way that the common man was not burdened with tough decisions. Fund status.

mrs. Pasha said the government’s economic team is meeting with Prime Minister Shehbaz Sharif to focus on its program with the IMF. He said that the Prime Minister is not in favor of taking tax measures at all levels, which may put additional burden on the poor and common people.

Responding to a question, he did not give a date as to when talks with the IMF team would start, but said the government was determined to go ahead with the program after a detailed exercise. He said the government would try to convince the IMF about the worst-case scenario in Pakistan after last year’s devastating floods.

“People are already suffering due to the devastating floods and they are not in a position to take any further measures”.

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