Pakistan, IMF Mission make good progress in their discussions

Pakistan, IMF Mission make good progress in their discussions

ISLAMABAD: Pakistan and the visiting International Monetary Fund Mission have made good progress in their discussions.
This has been stated in a brief press statement issued by Finance Ministry.
The Ministry said the consultations would continue over the weekend.
The particulars of a bailout package between the government of Pakistan and IMF are likely to be announced on Monday.
As per details, the Pakistan-IMF talks, which are said to be in the final phase, resumed on Saturday (today) for a second day in Islamabad and would be carried out on Sunday as well, sources added.
The two sides had held talks in the federal capital on Friday, after which the Ministry of Finance claimed to have made “good progress” in their discussions. “Consultations will continue over the weekend,” it added.
The loan amount is expected to be around $6.5 billion for a three-year duration, while the interest rate will be increased by 200-basis point, as per sources.
The current account deficit is predicted to remain around $8 billion for the upcoming financial year of 2019-20, whereas subsidies of Rupees 350 billion will be taken back by the government.
It has been agreed that the power sector regulator, the National Electric Power Regulatory Authority (NEPRA), would be made autonomous and the government interference to take popular decisions would be minimised.
It may be noted that, the government had submitted its working plan of the fiscal year 2019-20’s budget to the fund.
In the upcoming budget the government will likely to announce Rs. 750 billion’s new taxes, the working paper suggests.

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