Islamabad: (Staff Reporter) Federal Finance Minister Ishaq Dar has claimed that Pakistan has reached an agreement with the International Monetary Fund and the government has received the Memorandum of Economic and Financial Policies (MEFP) from the global lender.
According to the sources, addressing a news conference in Islamabad today hours after the IMF issued a statement on its website on talks with Pakistan, an optimistic Ishaq Dar maintained that talks with the IMF concluded on a positive note.
As per details the finance minister reiterated that Pakistan would complete the IMF program and implement policies which it had committed with the global lender. He heralded that the government would have to bring a mini-budget and it would have to levy new taxes.
Furthermore “Government will impose new taxes worth Rs.170 billion,” the finance minister said adding that petroleum development levy target was almost achieved. We will have to increase the PDL from Rs.40 to Rs.50 to fully achieve the target, he added.
Moreover he said that “government needed to stop the flow of rising circular debt in gas sector. The 10-day-long discussions with the IMF mission were extensive covering the power, and gas sector and on the fiscal and monetary side. The SBP governor and different sectors were involved in the talks. Government was expecting the release of $1.2 billion tranche from the Fund. He said that yesterday, the IMF gave the final points which were reviewed in the virtual meeting.
Meanwhile he said that another virtual meeting would be held on Monday. He said that Prime Minister Shehbaz Sharif also assured the Fund of the implementation of the IMF program. He said that the final round of the ninth review talks with the IMF was concluded yesterday and all matters were resolved with the global lender.
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