AKD Securities highlights key-points of Dar’s press conference
Finance Minister took nation into confidence in a press conference on conclusion of ongoing negotiations between government and IMF delegation since January 31
AKD Securities released highlights of Finance Minister Ishaq Dar’s press conference after talks with the IMF.
The negotiations between the government and the IMF delegation, which had been ongoing since January 31, reached their conclusion yesterday, the announcement of which has been issued.
According to AKD Securities, the Finance Minister today briefed the country on the key points agreed upon in the ongoing talks with the IMF as well as the important developments in the talks.
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The Finance Minister has said that the Memorandum of Economic and Financial Policy (MEFP) received from the IMF will be discussed from Monday. The government will review the MEFP document on the weekend, the next step is the letter of There will be intent as well as staff level agreement.
Pakistan is committed to meeting the IMF program and will soon take steps to implement additional taxes worth Rs 170 billion while implementing immediate reforms to curb the increase in circular debt in the energy sector.
The finance minister has said that the government will stop the future losses of the gas circular, but no promise has been made to pay the dues even though it is in the interest of the country to clear the accounts of the past.
IMF mission chief confirms significant progress in policy-level talks
The finance minister said that the non-targeted exemptions in the energy sector will have to be reduced. The tax-related bill will have to be approved by the Parliament, the House will meet today.
The Finance Minister said that the Benazir Income Support Program will be increased to 400 billion rupees with an increase of 40 billion rupees. The petroleum development levy on diesel will be increased to 50 rupees per liter (currently the levy is 35 rupees per liter).
The government has also agreed to hike gas and electricity rates among other additional measures to curb the rise in circular debt. Pakistan will receive 1.2 billion dollars after the approval of the tranche from the board of the IMF.
