IMF not to give any loan to Pakistan at present
Pakistan is currently not going to get any loan from the International Monetary Fund (IMF). The meeting that took place on Thursday for the bailout package ended without any conclusion. A statement has been issued by the IMF after this meeting. On the other hand, the country’s Finance Minister Ishaq Dar said that the talks with the organization have ended on a positive note. Along with this, Dar announced that taxes worth $170 billion would also be imposed by the government.
New taxes will be introduced through mini budget. Its purpose is to revive the bailout package. Talking to the media, Dar said that the government has received the draft Memorandum of Economic and Financial Policies (MEFP) from the IMF. Ishaq Dar reminded that the taxes that will be implemented by the government have the signature of former PM Imran Khan. He told that till the year 2019-2020, when Imran was negotiating with the IMF, at that time he had agreed to it.
He reiterated that Shehbaz Sharif’s government is holding talks with the IMF as a sovereign commitment. In Dar’s words, it is an old agreement that was first suspended and then delayed. Ishaq Dar said that the talks with the IMF mission went on for 10 days. During this, there has been talk of energy and gas sector as well as the fiscal and monetary side. Ishaq Dar said that State Bank of Pakistan, officials of different departments and ministers were also involved in the talks.
According to Finance Minister Ishaq Dar, the tax of Rs 170 will be achieved in the first four months of this financial year. Dar informed that energy sector reforms will be implemented. Along with this, it will be emphasized that how the flow of circular loan is happening. The Finance Minister has claimed that the reforms proposed by the IMF are in Pakistan’s favor only. Dar said that Pakistan needs these reforms. He also said that Prime Minister Shehbaz Sharif has assured the IMF that these reforms will be implemented soon. The draft has been handed over to the government on Friday morning. Now there is another virtual meeting with the IMF on Monday. Ishaq Dar has said that the country’s economy is bleeding and it is at number 47 in the world. PLC/GT
