ISLAMABAD -  Federal Finance Minister Ishaq Dar said Monday that there was no immediate recommendation being considered to grant India the status of most favoured nation (MFN).

Speaking in a TV programme, Dar said there was a need to normalise relations with India on a number of issues. “There is no immediate consideration to grant India MFN status,” he added.

Meanwhile, the government has decided to raise the discount rate between 100 to 150 points to get $6.6 billion bailout package from the IMF.

Sources in the Ministry of Finance said this is one of the conditionalities set by the IMF for the bailout package.

The State Bank would increase the discount rate in the next monetary policy. They said another condition of increase in the tariff of electricity has already been met with increase in power rates for industrial users from first of August and for domestic consumers from first of October.

The government has also assured the IMF to bring into tax net to 50,000 people by 30th September who own luxury vehicles and bungalows and frequently travel abroad. Their record is already available with the FBR. The sources said that in the light of these actions, the government has received a green signal that the package has been increased from $5.3 billion to $6.6 billion.

Reports said that US Secretary of State John Kerry also played a key role in enhancing the package by the IMF. Under the IMF conditions, the Finance Ministry would also release quarterly GDP growth report and provinces would be persuaded to release their data about economic development.