ISLAMABAD - Pakistan has, once again, assured the International Monetary Fund (IMF) that it was all set to replace General Sales Tax with Value Added Tax from the start of new fiscal year, sources informed TheNation According to the sources, the visiting delegation of IMF has shown serious reservations over the, so far, progress of Government regarding the VAT. Besides imposition of the VAT, the IMF has also expressed dissatisfaction over not enhancing the power tariffs. The IMF also asked the Government to reduce the fiscal deficit. IMFs Director for Middle East and Central Asi, Adnan Mazari is currently visiting Pakistan to settle the issues before approval of fifth tranche of $ 1.2 billion under the IMFs $ 11.3 billions Standby Loan Arrangement. It is pertinent to mention here that the IMF has stopped the fifth tranche of $ 1.20 billon, as Pakistan did not follow the conditions of IMF. The IMF has disbursed already $ 6.54 billion under the Standby Loan Agreement. The sources further informed that the Government had informed the IMF that it was committed to replace GST with VAT from July and the Government had already presented the drat of VAT in four provincial assemblies in this regard and soon it would be approved. For further negotiations with the IMF on delaying tranche of Standby Loan Agreement, the Government has constituted a four-member committee comprising Federal Minister for Water and Power Raja Pervaiz Ashraf, Minister for Petroleum and Natural Resources Syed Naveed Qamar, Advisor to Prime Minister on Finance Abdul Hafeez Shaikh and Governor State Bank Saleem Raza. The committee would brief the officials of IMF over not increasing the power tariff, which was to be increased from the start of April. The committee will also convince the IMF delegation to give further time to increase the power tariff, as it is not right time because the country is already facing up to 18 hours power outages in the different cities. However, the IMF officials are not ready to give further time to the Government for increasing power tariff, as they believe that it would further increase the fiscal deficit. According to the sources, the Government is now seriously contemplating to get two instalments including fifth and sixth tranches of at the same time.