Business

Pakistan asks the IMF to deploy a review mission the next week to restart the loan program.

Restart the loan program

KARACHI – Pakistan has requested in writing that the International Monetary Fund (IMF) dispatch a review delegation to the federal capital the next week.

The choice was made during a meeting of the economic team presided over for essentially a second day in a row by Prime Minister Shehbaz Sharif.

According to media sources, the government has decided to invite the IMF after coming to the conclusion that there is no other option but to immediately reactivate the IMF plan.

The IMF’s strict recommendations were approved by PM Shehbaz a day earlier in order to end the impasse and complete the upcoming ninth review, which is required to release the $1 billion tranche under the $7 billion Extended Fund Facility (EFF).

Additionally, it was stated that the economic team had completed a macroeconomic and fiscal framework with connected IMF requirements.

“No other choice”

The decision-makers are aware that, in order to avoid a full-blown balance of payment crisis, Islamabad is left with no choice but to break the impasse and restart the stalled IMF plan on a temporary basis.

The government aims to persuade the IMF to reduce the Petroleum Development Levy (PDL) objective for the current fiscal year from Rs850 billion to Rs550 billion in accordance with the revised macroeconomic and fiscal framework.

The FBR would continue to aim to collect Rs7,470 billion in taxes. A presidential ordinance will be published to introduce the mini-budget.

 

Related posts
Business

As the power supply is entirely restored, the minister suspects a "foreign hand"

Khurram Dastgir, the federal minister of energy, asserted that 22 hours after the national grid…
Read more
Business

Oil prices decline in light trade, but the outlook for China provides support.

Due to the east Asian Lunar New Year vacation, which thinned down early trade on Monday, oil prices…
Read more
Business

Textile industry issues protest warning over late cotton import clearance

LAHORE: The delay in the clearance of imported cotton containers at Karachi port has prompted…
Read more
Newsletter
Become a Trendsetter

Sign up for StayConnecting Daily Digest and get the best of StayConnecting, tailored for you.

Leave a Reply

Your email address will not be published. Required fields are marked *