Pakistan, IMF talks: Ishaq Dar to meet PM Shehbaz Sharif

ISLAMABAD: After hinting at concluding Pakistan-IMF talks today, Finance Minister Ishaq Dar is expected to hold a key meeting with Prime Minister Shehbaz Sharif to apprise the progress on negotiations, ARY News reported on Thursday.

A few hours have left for ongoing talks between Pakistan and International Monetary Fund (IMF) as Finance Minister Ishaq Dar claimed that matters related to the loan programme were expected to be settled today.

Dar departed from the finance ministry to PM Office for holding important consultations. Sources told ARY News that the finance minister will apprise PM Sharif regarding the progress on Pakistan-IMF talks besides elaborating on the lender’s reservations.

After the Dar-Sharif meeting, the federal government and the IMF are expected to exchange documents.

READ: PAKISTAN, IMF MAKE PROGRESS IN ONGOING TALKS FOR 9TH REVIEW

Prior to this development, Minister of State for Finance and Revenue Dr Aisha Ghaus Pasha said in a statement that progress was made on the circular debt issue with the IMF. She added that key agreements were signed with the IMF regarding the circular debt.

After reaching the finance ministry, Dar said that the government will give good news soon as the negotiations will be completed today. He said that Pakistan will fulfil its promises to the IMF and the ongoing talks will enter a conclusive phase.

The finance minister added that the incumbent government will also overcome the breach of the agreement’s terms by the previous government. He told the journalists that the deadline for ongoing talks is 12:00 midnight and the genre of negotiations with the IMF is not unusual.

Yesterday, it emerged that the policy-level talks between Pakistan and the IMF entered a crucial phase after the IMF mission held a virtual meeting with PM Shehbaz Sharif.

READ: IMF DEMANDS RECORDS OF PAKISTAN’S FLOOD RELIEF EXPENDITURES

Sources earlier told ARY News that the IMF conditionally agreed to exempt Rs475 bln in the primary budget deficit, making the exemption conditional to verification of flood relief expenditure.

The lender demanded the records of flood rehabilitation expenditures from Pakistan, adding that the government would have to provide complete monitoring of flood expenditures and details.

The International Monetary Fund (IMF) was reportedly convinced to allow subsidies for poor energy consumers. Power and gas tariffs for big consumers are likely to be enhanced, as the government has agreed to hike gas and electricity rates for the rich, sources said.

The lender will add some of its conditions in the circular debt management plan. “The government preparing to enforce decisions taken by the gas and power regulators OGRA and NEPRA.

“The final draft of the Memorandum of Economic and Financial Policy will be prepared today,” sources said. “Subsidy for poor consumers will remain intact in the circular debt management plan,” sources added.