Pak-IMF talks will not be affected

ISLAMABAD (APP) - Change of International Monetary Fund (IMF) chief would not affect the ongoing negotiations between Pakistan and IMF, said a top official of the Ministry of Finance. The role of IMF chief is always neutral and change of its leadership would not affect the ongoing Pak-IMF negotiations for assistance under standby programme, said Rana Asad Amin, Additional Secretary Budget and spokesman of the Finance Ministry while briefing the media here Wednesday afternoon. He said that the Pak-IMF negotiations for next tranche are expected to be held in second week of July. Rana Asad Amin said it is the demand of the IMF that government should reduce the borrowing from the State Bank of Pakistan to zero by the quarter-end and government is following the same. Replying to a question, he said that total expenditures during the outgoing financial year stood at Rs.2274 billion against Rs1238 billion Federal receipts. He added that Rs120 billion were provincial surplus. Replying to a question, he said that Rs.140 billion would be released to the provinces tomorrow (June 30). He said that if Pakistan did not get funds from the Coalition Support Fund (CSF) by June 30 it would affect 0.2 percent of the Gross Domestic Product (GDP). Highlighting the non tax revenues, he said that the budget target for the current financial year was Rs.524 billion, adding that Rs.60 billion would come from the State Bank of Pakistan (SBP). He added that SBP had paid Rs.375 billion in three instalments. From the Gas Development Surcharge (GDS), the government has received Rs.28 billion from the budgeted target of Rs.31 billion while from Petroleum Levy Rs.85 billion have been received. Rana Asad Amin said that government has an amount of Rs.32 billion to distribute among the flood victims. However, he said, that provinces have been asked for the assessment of the damage caused by the floods.