Pakistan-IMF staff-level agreement ‘delayed’ after new demand

ISLAMABAD: Despite the assurances from Saudi Arabia and the United Arab Emirates about external funds to Pakistan, the International Monetary Fund (IMF) is asking Pakistan to ‘do more’ to unlock stalled loan programme, ARY News reported on Friday, quoting sources.

The staff-level agreement between Pakistan and the International Monetary Fund is again ‘delayed’ as the international lender has put a new demand.

As per details, the meeting of Finance Secretary Hamid Yakoob in the US remained ‘unfruitful’ with the International Monetary Fund as the international lender has given the plan to arrange $1 billion from commercial banks to unlock the loan program.

The staff-level agreement was supposed to be signed on February 9 but had been delayed after then over IMF’s demands.

Read more: IMF APPRECIATES FRIENDLY NATIONS FOR AIDING PAKISTAN IN UNLOCKING LOAN

The sources further say that IMF also has objections to the petrol subsidy scheme.

Earlier, the International Monetary Fund welcomed the commitments made by Pakistan’s friendly countries to assist the cash-strapped South Asian country in reviving its months-long delayed $1.1 billion IMF loan tranche.

Nathan Porter, the IMF’s Mission Chief to Pakistan, welcomed the announcement of financial assistance from the South Asian nation’s “key” friendly countries, saying that the Washington-based Fund backs the efforts of the Pakistani authorities.