Pakistan fails to strike agreement with IMF under USD 6 billion Extended Fund Facility

ANI
17 Oct 2021, 09:07 GMT+10

Islamabad [Pakistan], October 17 (ANI): Unable to reconcile and evolve consensus on the Memorandum of Economic and Financial Policies (MEFP), the International Monetary Fund (IMF) and Pakistan have so far failed to strike a staff-level agreement under USD 6 billion Extended Fund Facility (EFF), reported local media.

Islamabad expects the finance secretary to prolong his stay in Washington DC for the next few days for making last-ditch efforts to reconcile and evolve consensus on the MEFP and completion of 6th and 7th reviews to pave way for the approval of USD 1 billion tranche under the EFF programme.

The IMF staff is still dissatisfied with Pakistan's macroeconomic framework under the MEFP and without agreement over it, despite the government raising electricity tariff by Rs 1.39 per unit on average for baseline tariff, raising POL prices by Rs 10.49 for petrol and Rs 12.44 for diesel.

Calling it a worrisome development, sources have said that the IMF staff was so far busy in number-crunching mainly on fiscal framework, external front and power sector.

On Friday, the country's government had increased the base power tariff by Pakistani Rs 1.39 per unit to fulfil IMF demand to stay in its programme. The increase will become effective from November and continue till the end of the financial year, June 2022, according to The News International. (ANI)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Breaking Property News.

More Information

null in null

Business

Section

Taliban seeks tourism revival despite safety, rights concerns

KABUL, Afghanistan: Afghanistan, long associated with war and instability, is quietly trying to rebrand itself as a destination for...

Nvidia execs sell $1 billion in stock as AI boom drives record prices

SANTA CLARA, California: Executives at Nvidia have quietly been cashing in on the AI frenzy. According to a report by the Financial...

Tech stocks slide, industrials surge on Wall Street

NEW YORK, New York - Global stock indices closed with divergent performances on Tuesday, as investors weighed corporate earnings, central...

Canada-US trade talks resume after Carney rescinds tech tax

TORONTO, Canada: Canadian Prime Minister Mark Carney announced late on June 29 that trade negotiations with the U.S. have recommenced...

Lululemon accuses Costco of selling knockoff apparel

Vancouver, Canada: A high-stakes legal showdown is brewing in the world of athleisure. Lululemon, the Canadian brand known for its...

Shell rejects claim of early merger talks with BP

LONDON, U.K.: British oil giant Shell has denied reports that it is in talks to acquire rival oil company BP. The Wall Street Journal...

Construction

Section