IMF giving Pakistan tough time, says PM Shehbaz Sharif

ISLAMABAD: Prime Minister Shehbaz Sharif said on Friday the International Monetary Fund (IMF) delegation was giving Pakistan “a tough time” over unlocking stalled $7 billion loan programme, ARY News reported.

The prime minister Shehbaz Sharif made these remarks while chairing an apex committee in Peshawar to mull over strategy following mosque tragedy.

“As you know, the IMF mission is in Pakistan, and that’s giving us a tough time,” he said, adding “Our economic situation is unimaginable.”

“You all know we are running short of resources,” Sharif said, adding Pakistan “at present was facing an economic crisis that’s beyond imagination.”

Pakistan is currently in talks with the IMF mission that arrived in Islamabad on January 30 to discuss the stalled ninth review of the $7 billion Extended Fund Facility (EFF).

During the talks, the government briefed the IMF mission about the imposition of Rs200 taxes under the mini-budget which might be presented before the joint session of Parliament or in the shape of the ordinance in the ongoing month of February.

In order to increase the income, the government in the mini-budget has also recommended slapping 3pc flood levy on imported luxury items, the sources said and added 1pc flood levy will be imposed on imported goods, where the duty is zero.

Pakistan’s central bank reserves at present stand at $3.09 billion, the lowest since 1998 and not enough to cover the cost of three weeks of imports.