Ahmed Mukhtar Naqshbandi
ISLAMABAD: Pakistan on Tuesday urged the International Monetary Fund (IMF) to resume its funding after the ninth review while the financial body presented a “do more” list to the negotiators.
Both sides held a virtual meeting to discuss the progress of the IMF’s loan program to Pakistan. The finance secretary Hamid Yaqoob led the Pakistani delegation to speak with the IMF mission chief Nathan Porter.
The delegation informed the IMF that Pakistan was gradually increasing PDL on petroleum products and ending the circular debts in the gas sector.
IMF’s wish list
It said that Oil and Gas Regulatory Authority (OGRA) has decided in this regard and the federal cabinet would soon approve an increase in gas prices. The decision would be applicable from 1 July 2022.
It also assured the lender that Pakistan would meet the tax collection target for the current year.
The delegation also briefed IMF about the economic situation of the country and its post-flood rehabilitation projects.
While IMF demanded Pakistan to not artificially control the rupee value. It also stressed ending subsidies on electricity and increasing the tax-to-GDP ratio.
