Tuesday, November 30, 2021
News

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

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

Islamabad | October 17, 2021 9:17:04 AM IST
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)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE WORLD NEWS
World 'dangerously unprepared' for futur...
Causalties feared as blast hits Kabul...
Parag Agrawal joins list of Indian-origi...
Blast rocks Afghan capital Kabul, no cas...
Pak: FIR lodged against PTM, ANP head fo...
UK foreign minister warns Russia against...
More...
 
INDIA WORLD ASIA
Production Linked Incentive of Rs 120 cr...
Winter Session: TRS MP moves adjournment...
Kapil Sibal slams Centre for passage of ...
PM Modi holds meeting with top ministers...
Gadkari to direct carmakers to introduce...
Opposition leaders hold meeting over sus...
More...    
 
 Top Stories
FIH Men's Junior WC: Team India gea... 
9 lose eyesight after being operate... 
Suspension of MPs "grossly unjust",... 
Business Mint Prestigious Nationwid... 
Abu Dhabi T10: T10 will improve T20... 
Noida International Airport to boos... 
Jennifer Aniston, Kathryn Hahn to s... 
Amit Sadh tests positive for COVID-...