Monday, August 8, 2022

Pakistan, IMF expected to sign staff-level agreement tomorrow

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ISLAMABAD: Pakistan and International Monetary Fund (IMF) are expected to reach a staff-level agreement for the release of a US$1 billion tranche on Monday (tomorrow), ARY NEWS reported.

According to sources in the finance ministry, the IMF will share the memorandum of economic and financial policies (MEFP) with Pakistan tomorrow.

Previously, Prime Minister Shehbaz Sharif has asserted that the terms with the International Monetary Fund (IMF) have been finalized and the deal will close soon, barring any other conditions set by the global lender.

Addressing the PML-N Senators, the prime minister criticized the Pakistan Tehreek-e-Insaf (PTI) for signing an agreement with the international lender to increase the levy on fuel prices, but refused to abide by the agreement.

Read More: GOVT TAKES U-TURN OVER INCOME TAX EXEMPTION AFTER IMF AGREEMENT

“The previous government had accepted to raise Rs 30 petrol levy and sales tax of 17 percent,” he said. “However, the deal was quashed and the previous government had suddenly reduced the prices this March at a time when the petrol prices skyrocketed globally.”

PM Shehbaz further said that the government’s deal with the global lender had been finalized, however, the positive results in the shape of development would take some time.

The prime minister added that the Fund was not ready to trust the PML-N government because of the actions of the previous government. “The IMF was adamant on us fulfilling all the conditions of the agreement,” he said.

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