American financial institution Bloomberg while announcing the staff-level agreement between Pakistan and the International Monetary Fund said that Islamabad is determined to complete the IMF program.
American financial institution Bloomberg has said that the staff level agreement between Pakistan and the International Monetary Fund is expected to be finalized this week, which has already been delayed for six months.
According to Bloomberg, Pakistan is determined to complete the IMF program and has shown its seriousness. Islamabad is active in restoring the IMF bailout program.
The US agency reported that Islamabad is hopeful of reaching an agreement on the loan deal before the budget for the next fiscal year, with staff level agreement expected this week.
Bloomberg has reported from the Ministry of Finance that Saudi Arabia and the United Arab Emirates have pledged to provide three billion dollars to Pakistan, while China will also receive four billion dollars.
According to the report, Pakistan’s loan program will be restored after the International Monetary Fund follows our goals. It is hoped that an agreement will be reached before the current program ends.
On the other hand, Pakistan has convinced the International Monetary Fund (IMF) to continue the negotiations. The government has requested the authorities to enter into staff level agreements.
According to sources, in virtual talks between Pakistan and the IMF, the International Monetary Fund has indicated to combine the 9th and 10th reviews of the loan program.
Sources have said that unlike the IMF, Pakistan has expressed its desire to complete the ninth review first. No major progress could be made between the parties in the virtual negotiations.
According to the sources, Minister of State for Finance Dr. Ayesha Ghos along with her economic team participated in the virtual talks with the officials of the International Monetary Fund (IMF).
Sources from the Ministry of Finance said that the budget was also discussed with the IMF, the financial institution has demanded to increase the revenue target and control the budget expenditure.
Pakistan has assured the International Monetary Fund that the FBR revenue target of 9200 billion rupees will be allocated while the federal and provincial expenses will also be reduced.
The International Monetary Fund (IMF) has demanded the government of Pakistan to take more steps to increase income tax collection while taking the FBR revenue to 10 thousand billion rupees.
The IMF has also asked for information about all measures to increase foreign exchange reserves, limit subsidies, volume of new loans and methods of repayment.