Pakistan, IMF’s staff-level agreement likely to be delayed

Pakistan, IMF’s staff-level agreement likely to be delayed

ISLAMABAD: The staff-level agreement between Pakistan and International Monetary Fund (IMF) is likely to be further delayed, citing sources, ARY News reported on Thursday.

Sources told ARY News that there is no chance of signing a staff-level agreement between Pakistan and the IMF on March 3. The agreement would likely be signed next week now.

Prior to the development, the agreement was expected to be signed on February 9 and later the finance minister claimed the signing of the agreement on February 14.

READ: IMF TERMS: GOVT TO INCREASE POWER TARIFF FOR KE CONSUMERS

It was learnt that Pakistan and the Fund will begin the virtual talks again today. Finance Minister Ishaq Dar confirmed that the talks will be continued tomorrow and the IMF will be apprised about the progress on meeting the conditions.

Sources added that the federal government already approved hiking the electricity bills, whereas, the value of the Pakistani currency was also decreased against the US dollar. The government ended subsidies on the electricity bills for the export sector and Kissan Package.

Ishaq Dar about IMF agreement

In a Twitter thread, Dar said, “Anti-Pakistan elements are spreading malicious rumors that Pakistan may default. This is not only completely false but also belie the facts.”

He added, “SBP forex reserves have been increasing and are almost US$1 billion higher than four weeks ago despite making all external due payments on time. Foreign commercial banks have started extending  facilities to Pakistan.”

“Our negotiations with IMF are about to conclude and we expect to sign Staff Level Agreement with IMF by next week. All economic indicators are slowly moving in the right direction,” concluded the finance minister.

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