IMF Mission Arrives in Islamabad for Ninth Review
ISLAMABAD: An International Monetary Fund (IMF) mission has arrived in Islamabad to discuss the ninth review of the $7 billion Extended Fund Facility (EFF), ARY News reports.
according to the details The International Monetary Fund (IMF) mission has arrived in Islamabad. And talks about the ninth review of the aid program will start today (Tuesday).
The source told ARY News that Pakistan and the Fund will hold technical talks during the first four days, with economic data from various agencies reviewed.
Pakistan received $6 billion in IMF bailouts in 2019, which was raised by another $1 billion last year. But the lender suspended payments in November due to Pakistan’s failure to improve consolidation and economic reforms.
However, it is necessary to mention here that Prime Minister (PM) Shehbaz Sharif has stated that the coalition government wants to make Ninth review without further delay And he told the top IMF executive about Pakistan’s willingness..
He made a press release with the launch. ‘Youth Business and Agricultural Credit Program’ today.
“I have told the IMF senior management that Pakistan is willing to complete the pending review and consolidate the conditions,” he added.
Earlier, in a statement, the IMF’s resident representative to Pakistan, Esther Perez Ruiz, said: “At the request of the authorities, One-on-one fund missions are scheduled to visit Islamabad. [from] 31 January – 9 February to continue discussions under the ninth EFF review.”
She said the mission will focus on policies to restore sustainability both internally and externally. as well as strengthening the fiscal position with durable and high-quality measures. ready to help the vulnerable and those affected by floods restore the viability of the electricity sector and return to debt collection; and reestablish the proper functioning of the foreign exchange market. Making exchange rates possible eliminates exchange rate shortages.
IMF Preliminary To-Do List
The IMF asks Pakistan to take all necessary actions. That could pave the way for an employee-level deal and release of $1 billion under the Extended Fund Facility (EFF).
The source said that the IMF had asked Pakistan for a plan to impose a fuel tax of Rs 855 per liter until June 30, 2023.
The IMF is also seeking revolving debt in the gas sector to revive stalled loan programs. the source said He added that Pakistan had to increase gas prices by as much as 74 percent to solve its debt problem.
Read more: ‘Minimum budget’: government likely to impose more taxes on luxury goods
Pakistan has been mandated to take action to increase tax collection worth Rs 3 lakh crore and increase the base tariff. It was also learned that the IMF wanted Pakistan to cease. The ‘invention ban’ for the dollar exchange rate