IMF delegation meets PM

A delegation of the International Monetary Fund (IMF) on Tuesday met Prime Minister Imran Khan in Islamabad hours after its arrival for talks to review the country's economic reforms, the prime minister's office said.

No detail of the meeting was given in a brief statement issued by the prime minister's office.

Earlier Resident Representative Office of the IMF in Pakistan said on Twitter that Director for the Middle East and Central Asia Department Jihad Azour is leading the delegation.

The delegation will exchange views on recent economic developments, the outlook, and the performance of the government's economic program supported by the Fund, he said.

IMF had approved a three-year bailout package worth US $ 6 billion for Pakistan in July this year to support the country's economic reform program.

Pakistan has already received the first tranche of US $ 991.4 million under its US $ 6 billion loan program for Pakistan, according to a spokesperson for the State Bank of Pakistan (SBP).

Official sources said the IMF delegation will hold talks with the officials at the ministry of finance and other ministries including Adviser to Prime Minister on Finance, Revenue and Economic Affairs Abdul Hafeez Shaikh on Pakistan's economic reforms.

IMF has been urging Pakistan to mobilize domestic tax revenue to fund much needed social and development spending while placing debt on a firm downward trend.

Acting Managing Director of the IMF David Lipton, met Pakistan Prime Minister Imran Khan in Washington in July this year and had discussed the economic developments and the implementation of Pakistan's economic reform program supported by the IMF.

The visit is part of the IMF's plan to visit Pakistan every three months to review the economic indicators for the release of the remaining installments, according to reports.

The IMF has reportedly imposed a condition, among others, to bring the country's primary budget deficit to 0.6 percent of GDP from the current 1.9 percent.

Local economic experts believed that the IMF condition would require a massive escalation in revenue collection and a significant decline in
expenditure. 

ePaper - Nawaiwaqt