Pakistan-IMF talks have neither failed nor concluded: Ishaq Dar

ISLAMABAD: Finance Minister Senator Ishaq Dar has said that Pakistan and International Monetary Fund (IMF) talks have not failed nor the negotiation phase has concluded, ARY News reported on Thursday.

Ishaq Dar, while talking to journalists today, predicted that the 9th review of the IMF programme will be completed this month. “Our talks with the IMF are underway and it has not concluded yet. We have already made the payment for which Fitch expressed concerns.”

“The Pakistan-IMF talks have not failed and there is no issue in payments till June 30. We are fully prepared to make timely payments till June 30.”

The finance minister claimed that some elements want to see Pakistan like Sri Lanka before holding talks with the IMF. “Geopolitics is underway to default Pakistan. The amendments in the State Bank Act are intolerable. We have also amended the State Bank Act, however, it is incomplete yet.”

Dar said that State Bank is a bank of Pakistan and it does not belong to any global institution. “It is our priority to make timely payments including bonds.

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Rejecting the rumours, Ishaq Dar that the federal government will not make a decision to freeze lockers, gold and Roshan Digital Accounts. He added that the enemies of Pakistan are spreading fear among people by telling lies.

Criticising the previous government of Pakistan Tehreek-e-Insaf (PTI), he said that the debts have increased from $70 billion to $130 billion during the last four years.

Pakistan ‘missed’ opportunity

The International Monetary Fund (IMF) on Thursday expressed dissatisfaction with Pakistan’s recently presented budget.

Pakistan has barely enough currency reserves to cover one month’s imports. It had hoped to have $1.1 billion of the funds released in November – but the IMF has insisted on a number of conditions before it makes any more disbursements.

Policy talks are underway with Pakistan. However, the draft FY24 Budget ‘misses’ an opportunity to broaden the tax base in a more progressive way, Esther Perez Ruiz, the International Monetary Fund’s resident representative for Pakistan said.

Esther Perez Ruiz further added that the long list of new tax expenditures further reduces the fairness of the tax system and undercuts the resources needed for vulnerable recipients in the Benazir Income Support Programme.