Pakistan terms IMF's few conditions 'unrealistic'

ISLAMABAD: The Pakistani officials termed few of the International Monetary Fund (IMF)’s conditions, ‘unrealistic’, ARY News reported.

Sources told ARY News that the first phase of policy talks was held between IMF and Pakistani officials and discussed the details regarding external financing. 

The state bank briefed the IMF team about the needs of Pakistan’s external financing but the Pakistani officials did not agree with their prediction regarding external financing. 

Sources said that the IMF and Pakistani officials could not decide on the target for foreign reserves.

The Pakistani team told the IMF officials there is room for the betterment of the county’s economy but the problems will not solve by burdening the people.

Sources further revealed that the importance of talks on February 8 and 9 has increased now and they may delay further. 

Earlier, the International Monetary Fund (IMF) demanded Pakistan to amend laws for the assets declaration of public servants.

An IMF mission arrived in Islamabad on January 30 to discuss the stalled ninth review of the $7 billion Extended Fund Facility (EFF).

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According to the sources at the Federal Board of Revenue (FBR), the IMF insisting public declaration of the government servants’ assets. The international lender has also demanded details of the overseas assets of the bureaucracy, sources said.

The IMF has also demanded the establishment of an authority to make public the government officers’ assets, according to sources.

The lender demanded to make movable and immovable assets of bureaucrats in overseas to ensure transparency and accountability, according to sources. It has demanded to set up an Electronic Assets Declaration System for transparency.

“Bureaucrats’ assets will be checked prior to the opening of a bank account,” sources said. “Banks will get information from the FBR for the opening of accounts of bureaucrats.”