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Pakistan, IMF facing differences over bailout programme
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SME Times News Bureau | 20 Nov, 2018
Pakistan and the International Monetary Fund (IMF) were facing
differences over tough conditionalities on key areas of a bailout
programme, including further increase in energy prices, more taxes and
complete disclosure of Chinese financial support, a Minister said here.
"There
are still gaps in the position of the IMF and the position that we
have," Finance Minister Asad Umar said after a series of meetings with
an IMF team on Monday.
He, however, said the talks were continuing positively and gaps reducing, reports Dawn news.
He
said that $1 billion of the $3 billion committed by Saudi Arabia had
been remitted to the State Bank of Pakistan on Monday and the remaining
$2 billion would follow over the next few days.
Informed sources
said the two sides had a wide gap in their positions on the need for
increase in electricity tariff, upward revision in the revenue target
and additional tax measures on matters relating to Chinese assistance
and its impact - both inflow and outflow.
The sources said the
IMF also demanded that the provincial governments finance the Benazir
Income Support Programme (BISP), instead of the federal government, and
wanted committed cash surpluses to minimise the consolidated fiscal
deficit.
The two sides were expected to conclude the talks on Tuesday.
The
IMF mission also sought a complete market-based free float of the
exchange rate and complete independence to the State Bank of Pakistan.
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