8.2 C
New York
Friday, May 27, 2022
HomeWorldPakistanPakistan and IMF to resume discussions for EFF revival on 18th

Pakistan and IMF to resume discussions for EFF revival on 18th

local authorities and team of The International Monetary Fund (IMF) will meet on May 18 resume discussion over politics for completing Seventh review of Extended Country Financing Facility (EFF).

If the IMF review cleared, Pakistan will receive more over $900 million of its $6 billion loan program, which in turn to unlock additional external funding.

Discussions have been slowed down since before year due to unsecured subsidies introduced last government of ex-prime minister Imran Khan to conserve fuel and power prices are stable for consumers going against IMF recommendations. Last month, new government of Shehbaz Sharif rejects offer to raise prices of oil products, “so as not to burden consumers.”

“We can confirm that the International Monetary Fund team led by Nathan Porter to meet with Pakistani authorities on May 18 go over in latest economic development and policy implementation,” an IMF official told a local daily.

She said it’s “important for authorities to continue with implementation of politics with Goal * Task of achieving macroeconomic stability and comprehensive, sustainable growth as discussed at the time of spring meetings in Washington DC we’re watching forward continue policy level discussion during second half of May.”

Previously on On April 24, the head of the IMF mission in Pakistan, Nathan Porter, said that this was agreed upon after the meeting. with Finance Minister Miftah Ismail ‘immediate action is needed to reverse unfunded subsidies that have slowed discussions’ for 7th Review”.

government said it facing huge economic challenges, with the budget deficit could exceed 10 percent of gross domestic product (GDP) at the end of in current financial year in June ahead of presenting the annual budget. government also need to deal with double-digit inflation, and slow growth of in the economywhat the IMF said in This last the report will probably stay at 4 percent against Pakistan’s earlier forecast of 4.8 percent.

Follow World Weekly News on

Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

Leave a Reply

Must Read