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Bridging The Gap
Pakistan, IMF strike $6 billion deal: Hafeez Shaikh
  Sunday 12 May, 2019
Pakistan, IMF strike $6 billion deal: Hafeez Shaikh

The government has struck a deal with the International Monetary Fund (IMF) on financial packages for about $6 billion, PMís Adviser on finance Dr Abdul Hafeez Shaikh announced on Sunday.

He said this while speaking to state-run Pakistan Television (PTV).

The staff level agreement on economic policies, which could be supported by a 39-month Extended Fund Arrangement (EFF) aimed to support Pakistanís strategy for stronger and more inclusive growth by reducing domestic and external imbalances, removing impediments to growth, increasing transparency, and strengthening social spending.

Earlier on Saturday, talks between Pakistan and the IMF reached a deadlock due to change in goalpost by the fund and the prime ministerís reservations over heavy taxation, resulting into extension in parleys.

There were at least three main sticking points that led to inconclusive talks till the last day of the IMF visit, said sources in the Ministry of Finance. As of Thursday, the top management of the Ministry of Finance was hopeful to conclude the deal and the IMF team had planned to return on May 11.

But the sources said things went off the track after the IMF insisted on inclusion of some new conditions in the programme, which appeared unreasonable.

Prime Minister Imran Khan also expressed reservations over massive additional taxes burden that the nation will bear from July this year, provided both sides reach an agreement.

Source: https://tribune.com.pk/story/1971509/2-pakistan-imf-strike-6-billion-deal-hafeez-shaikh/

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