Friday, September 30, 2022

IMF delegation to visit Pakistan on May 10: Sources

According to reliable sources, a delegation from the International Monetary Fund (IMF) will arrive in Pakistan on May 10 to have crucial discussions with the federal administration.

The group from the global financial institution would be in Pakistan for a total of ten days to hold discussions with Pakistani officials.  the IMF delegates will also meet with Pakistani authorities to discuss the country’s budget suggestions.

Following pre-budget meetings, it has been learned that the volume of the loan program would most likely be increased from $6 billion to $8 billion. In addition, the group will address the federal government’s plan for subsidizing petroleum goods, electricity, and natural gas, as well as other issues.

During the next round of negotiations, the IMF delegation will also examine the collection of taxes and tariffs. According to the sources, they would also discuss the possibility of eliminating extra subsidies totaling Rs500 billion.

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Following the release of IMF recommendations to remove fuel subsidies in phases, Finance Minister Miftah Ismail announced on April 24 that he had agreed with the IMF’s suggestions.

Recently, Miftah Ismail met with the executive directors of the International Monetary Fund (IMF) in Washington, to discuss the reintroduction of the Extended Fund Facility (EFF) program.

The finance minister had signaled that the IMF program would be accelerated, and he had agreed to reduce fuel and energy subsidies in phases. Meanwhile, the International Monetary Fund (IMF) has stated that it has no objections to Pakistan’s Income Support Program and that the country can continue to provide subsidies to the marginalized sections of society.

The International Monetary Fund (IMF) had also expressed support for the continuation of the Sehat Card scheme.

Read Also: PML-N’s Baligh-ur-Rehman nominated for new Punjab governor

Last month, the finance minister stated that the government would make “all-out efforts” to bring the Extended Fund Facility (EFF) agreement with the International Monetary Fund  (IMF) back.

His previous statement had stated that the government might limit public sector development spending in conjunction with other essential fiscal discipline measures. “We will bring the show back on.” According to him, if the government needs to tighten its belt, it will do so without imposing any new costs on the general population.

He had stated that the government would present a budget that was both people- and development-friendly, notwithstanding the obstacles erected by the PTI government. He had expressed the hope that the value of the rupee would not continue to decline, and that the markets will also do well in the future.

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