World News| Pakistan: IMF executive meeting scheduled for Pakistan’s absence

Islamabad [Pakistan]19th June (ANI): With the ninth review under the Extended Fund Facility (EFF) program still pending, the Executive Board of the International Monetary Fund (IMF) has released plans for a review on June 29, Pakistan-based ARY News reported. convened on 11 December 2019, with the exception of Pakistan.

Pakistan’s foreign exchange reserves are barely enough to cover one month’s worth of imports. It hopes to release $1.1 billion in November – but the IMF has insisted on some conditions before making more disbursements.

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ARY News, citing people familiar with the matter, said the IMF must meet to release the $1.1 billion disbursement under the 9th review of the EFF program, which is due to expire on June 30.

Pakistani authorities, however, remain optimistic that the fund will meet the deadline to complete its ninth review and a meeting to release funds to Pakistan could be called at any time.

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In response, ARY News reported that Pakistani Prime Minister Sheikh Baz Sharif had requested an early completion of the 9th Loan Disbursement Review in a telephone conversation with the Managing Director of the International Monetary Fund.

However, last week, the IMF expressed “dissatisfaction” with Pakistan’s recently submitted budget.

ARY News quoted IMF Pakistan Resident Representative Esther Perez Ruiz as saying: “Policy talks with Pakistan are ongoing. However, the draft FY24 budget ‘missed’ an opportunity to broaden the tax base in a more progressive manner” .

Esther Perez Ruiz further added that the long list of new tax payments further reduces the fairness of the tax system and undercuts the resources needed for vulnerable recipients of Benazir’s income support program.

According to ARY News, Pakistani Finance Minister Ishaq Dar said on Thursday that Pakistan and the International Monetary Fund (IMF) are negotiating, the negotiations have not failed, and the negotiation phase is not over.

“Our negotiations with the IMF are ongoing and not yet concluded. We have made payments that Fitch has expressed concern about,” he said.

“Pakistan’s negotiations with the IMF have not failed and there is no issue of payment until June 30. We are fully prepared to make timely payment before June 30,” he added.

Dahl also denied other rumors and said the federal government will not decide to freeze locker, gold and Roshan digital accounts.

Pakistan’s finance minister has criticized the former Pakistan Justice Instigation (PTI) government and claimed that debt has increased from $70 billion to $130 billion in the past four years, ARY reported. (Arnie)

(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)