IMF continues discussions with Pakistani authorities for quickly reaching an agreement

The International Monetary Fund (IMF) continues discussions with Pakistani authorities with the aim of quickly reaching an agreement on financial support from the Fund.

 The IMF Mission Chief to Pakistan Nathan Porter in a statement said that over the past few days, the Pakistani authorities have taken decisive measures to bring policies more in line with the economic reform program supported by the IMF.

The measures included the passage of a budget by the parliament that broadens the tax base while opening up space for higher social and development spending, as well as steps towards improving the functioning of the foreign exchange market and tightening monetary policy to reduce inflationary and balance of payment pressures that affect the more vulnerable.

“The IMF team continues discussions with Pakistani authorities with the aim of quickly reaching an agreement on financial support from the IMF,” read the statement made by the IMF Mission Chief.

Meanwhile, Finance Minister Ishaq Dar Tuesday said that the government is trying to find a mechanism to get the full pending finances of $2.6 billion under the loan programme of the International Monetary Fund (IMF).

The finance minister in a private tv show expressed hope that an agreement would be reached with the global lender for the release of the much-needed $1.1 billion tranche.

The minister pointed out that under the loan programme total outstanding funds are around $2.6 billion.

He highlighted that the government is trying to find a way out for the release of the entire pending amount of around $2.6 billion.

It is pertinent to note that Prime Minister Shehbaz Sharif on Tuesday morning  also held a telephonic conversation with IMF Managing Director Kristalina Georgieva where he expressed hope that the lender will announce its decision on the current loan program in the next couple of days.