Finance Minister Senator Ishaq Dar has said that progress is being made in talks with the International Monetary Fund (IMF) for a new programme. Speaking to media after talks with IMF on Monday, Dar said that seeking loan from the IMF was Pakistan''s right as it was member of the Fund.
"We will not let the country default and manage the things whether the country takes new programme or not," he said adding that the new programme would be accepted on Pakistan''s terms. He said that the discussion with the Fund would continue for two more days. Another official on condition of anonymity claimed that an agreement with Fund was likely to be inked for around $5.4 billion new loan.
He said that the reservations of IMF for the current fiscal year''s tax collection target and power sector reforms had been assuaged and the country may request the Fund for $5.4 billion programme under Extended Fund Facility (EFF). Sources said that IMF delegation had some reservations on power sector and sought a detailed plan from the economic team about structural reforms.
According to the official, talks are on the right track and are moving ahead smoothly and IMF appeared satisfied after the economic team assured the Fund that current fiscal year''s revenue target of the Federal Board of Revenue (FBR) would be achieved and a comprehensive plan has been prepared to undertake structural reforms in the power sector which is likely to be approved by the Economic Co-ordination Committee of the Cabinet (ECC). A senior official of State Bank of Pakistan (SBP) also claimed that talks with the IMF delegation remained very promising on Monday.
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