Pakistan said having a visit with the International Monetary Fund (IMF) delegation on Wednesday, to discuss and develop the understanding on the key issues of financial assistance to Pakistan to balance the payment issue, has made “substantive progress”, after the global lender declared complete disclosure of Chinese financial support to Pakistan and about increasing the energy price and levying more taxes.
In a statement, Finance ministry said the visit of IMF in Pakistan to discuss the issue with Pakistani’s officials, from November 7 to November 20, has resolved the problem and issued a bailout package. The discussion has covered the economy sector, as finance minister Asad Umar had a meeting with IMF on Tuesday.
The statement stated: “Substantive progress has been made by the Government of Pakistan and the IMF Mission towards developing a common understanding on the policy and structural reforms framework for the prospective IMF programme, including fiscal and monetary measures, corrective interventions for balance of payments sustainability, pro-poor spending, governance and development of a business-friendly environment.”
It further stated saying, “Positive engagement with the IMF will continue over the coming weeks to finalize the programme with the Fund.”
Without announcing the next meeting dates with IMF, Finger said the talks will continue between IMF and Pakistan as the announcement remained inclusive about the latest meeting in Islamaba.
However, the IMF has also proposed some tough conditions to Pakistan such as levying more taxes, increasing in energy prices and full complete disclosure of Chinese financial support to Pakistan.
After the meeting with IMF, Umar said, “There are still gaps in the position of the IMF and the position that we have.”
Umar said, about $1 billion out of %3 billion has been yet remitted on Monday, to the State Bank of Pakistan, which was committed by Saudi Arabia, and is now looking forward to about $6 billion financial bailout to decrease the financial crisis.