The first round of virtual talks between Pakistan and the IMF has yet to be finalized.
The first round of talks between Pakistan and the International Monetary Fund (IMF) remains inconclusive. as government officials failed to convince global financial institutions to revive the loan program. Citing a source, ARY News reported on Tuesday.
A source in the Ministry of Finance told ARY News that there had been a deadlock in virtual talks between Pakistan and the IMF for the 9th Review of the Loan Programme.
However, the schedule for an IMF delegation’s visit to Pakistan was not finalized during today’s first round of virtual talks. The source said the two sides are expected to resume talks tomorrow.
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The IMF’s economic team and officials will complete the virtual talks by Wednesday (tomorrow) before the International Monetary Fund’s mission arrives. Global institutions have asked Pakistan to comply with the demand.
The source said Pakistan had endorsed the IMF in achieving all its goals. It is known that the schedule of the IMF delegation’s visit to Pakistan is likely to be concluded after the completion of virtual talks.
IMF Preconditions
Pakistan and the International Monetary Fund (IMF) held the first round of virtual talks on the preconditions for revitalizing the loan programme.
A source told ARY News that the IMF asked Pakistan to maintain the US dollar exchange rate with open market prices. In addition to ending the ban on artificial exchange rates
read: Pakistan wants to complete 9th IMF review without delay: PM SHEHBAZ
Moreover The global financial institution is also seeking a plan for collecting Rs 855 crore through Petroleum Taxation by June 30, 2023, the source added.
It is known that the IMF asked Pakistan to increase the duty on diesel fuel from Rs.35 to Rs.50 per liter, in addition to ending Rs. (OGRA) to raise gas prices.
The source said it was one of the conditions of the IMF to raise gas rates to 74% from July 1, 2022 to reduce revolving debt.
It turns out that the federal government is preparing legislation to increase net taxes. The government must also impose a sales tax on gasoline and diesel. For the IMF to revive the project, the government must increase the base tariff to reduce the loss of power lines.
