New Delhi: The International Monetary Fund (IMF) has confirmed that talks are underway with Pakistan regarding the 24th relief program under the Extended Fund Facility (EFF), according to a report in ARY News.
Pakistan has reportedly asked the IMF for a bailout of $6 billion to $8 billion over three to four years to deal with its financial crisis.
IMF communications director Julie Kozak told a news conference that negotiations were still ongoing and declined to comment on the staff-level agreement. “A mission team led by Nathan Porter is currently meeting with Pakistani authorities this week to discuss the next steps in our engagement,” she said.
Mr. Kozak revealed that on April 29, the IMF Executive Board completed a second review of the Standby Arrangement for Pakistan and authorized disbursements of approximately $1.1 billion. He added: “The completion of the second and final review of the Standby Agreement by our Council reflects the strong policy efforts of the authorities during the Standby period and has certainly contributed to stabilizing the economy.”
She also said that the ongoing mission will communicate its results once the work is completed. “There is a mission going on on the ground and we will wait for them to complete their work and in due course we will communicate the results of the mission,” Kozak said.
Meanwhile, Esther Perez Ruiz, the IMF’s resident representative in Pakistan, announced that a team led by Porter would work with Pakistani officials to discuss nesting procedures.
According to a report in Geo News, she said the aim of the talks was to “lay the foundations for better governance and stronger, more inclusive and resilient economic growth that benefits all Pakistanis.” He explained.
On May 10, a team of IMF technical experts arrived in Pakistan to discuss new financing programs and budget preparations.
Earlier this week, the IMF also asked the Federal Board of Revenue (FBR) to revoke the discretionary powers of the Board and Cabinet in granting tax incentives. Additionally, the IMF is calling for changes to tax laws regarding NGOs, charities and taxable pensioners, according to Geo News.
(With input from agency)
Pakistan has reportedly asked the IMF for a bailout of $6 billion to $8 billion over three to four years to deal with its financial crisis.
IMF communications director Julie Kozak told a news conference that negotiations were still ongoing and declined to comment on the staff-level agreement. “A mission team led by Nathan Porter is currently meeting with Pakistani authorities this week to discuss the next steps in our engagement,” she said.
Mr. Kozak revealed that on April 29, the IMF Executive Board completed a second review of the Standby Arrangement for Pakistan and authorized disbursements of approximately $1.1 billion. He added: “The completion of the second and final review of the Standby Agreement by our Council reflects the strong policy efforts of the authorities during the Standby period and has certainly contributed to stabilizing the economy.”
She also said that the ongoing mission will communicate its results once the work is completed. “There is a mission going on on the ground and we will wait for them to complete their work and in due course we will communicate the results of the mission,” Kozak said.
Meanwhile, Esther Perez Ruiz, the IMF’s resident representative in Pakistan, announced that a team led by Porter would work with Pakistani officials to discuss nesting procedures.
According to a report in Geo News, she said the aim of the talks was to “lay the foundations for better governance and stronger, more inclusive and resilient economic growth that benefits all Pakistanis.” He explained.
On May 10, a team of IMF technical experts arrived in Pakistan to discuss new financing programs and budget preparations.
Earlier this week, the IMF also asked the Federal Board of Revenue (FBR) to revoke the discretionary powers of the Board and Cabinet in granting tax incentives. Additionally, the IMF is calling for changes to tax laws regarding NGOs, charities and taxable pensioners, according to Geo News.
(With input from agency)
