Talks between Pakistan, IMF end sans any deal announcement

The Finance Ministry reports that the two parties agreed to take actions and advance measures.

The finance secretary said that Pakistan and the IMF still need to talk about some things. From Washington, a decision on those points will be made.

The IMF mission, according to Finance Secretary Hamid Yaqub Shaikh, has requested additional time for the staff-level agreement.

However, Pakistan received the Memorandum of Economic and Physical Policies from Fund officials.

Through meetings with ambassadors from various nations, the IMF mission confirmed its concerns regarding foreign financing.

According to sources in the Finance Ministry, Washington’s approval is required before the staff-level agreement can be signed. The mission stated that any declaration requires Washington’s approval.

A statement regarding the talks will be issued by the IMF review team that is in Islamabad.

The previously scheduled press conference for Finance Minister Ishaq Dar has now been moved up.

The IMF delegation is expected to arrive in the morning, according to sources.

The prime minister had previously authorized settling all issues with the Fund.

Sources said Top state leader Shehbaz Sharif held a gathering with the IMF designation through a video connect on Thursday night, and examined the credit program.

According to sources, the prime minister entrusted the finance minister with resolving all issues.

Ishaq Dar, Finance Minister, had left the Finance Ministry for talks with PM Sharif after his own meeting with the visiting delegation.

The minister was supposed to inform the PM of the concerns raised by the Fund and update him on the progress made in negotiations with the IMF.

After the meeting with the PM, there will probably be a document exchange with the IMF. According to the sources, the Memorandum of Economic and Financial Policies is likely to be restricted in some way.

It is important to note that if an agreement is reached, Pakistan will receive the next $1.1 billion payment, which must be approved by the IMF Executive Board.

Pakistan is required to raise prices for electricity, gas, and petroleum under the IMF’s conditions for the tranche’s release. It must implement energy sector reforms and reduce its circular debt.

Additionally, Pakistan must manage up to $5 billion in funds from friendly nations.

“Good news” On Thursday, “confident” Finance Minister Ishaq Dar stated that he would present “good news” today regarding the discussions with the IMF mission in Islamabad.

He claimed that negotiations with the global lender were moving in the right direction and that there were no disagreements with the Fund when he spoke to the media at the Finance Ministry.

He stated that Pakistan must conclude the talks by midnight.

The promises Pakistan made to the IMF will be kept. The previous administration’s promises will be kept, even if they were false.

Dar stated that negotiations with the international leader have always been like this, rejecting the notion that the talks might break down.

He stated that the IMF issues would be resolved today.

The final round of negotiations between Pakistan and the IMF is currently underway in Islamabad. Implementation of goals

Final talks with the IMF are being held by the government’s economic team, which is led by Finance Minister Dar.

After the minister’s assurance of the prime minister’s implementation of all targets, discussions on the Memorandum of Economic and Financial Policies will take place.

According to sources, the IMF has imposed extremely stringent requirements for the formation of a budget framework, external financing, and the reduction of the deficit.

GST will be implemented on petroleum products following successful negotiations with the IMF; consequently, electricity and gas prices will skyrocket.

The review conducted by the IMF would result in a payment of $1.2 billion.

Talks that are “successful” will also make it possible for Pakistan to get the money it needs from friendly countries and other multilateral lenders to avoid a “default.”

However, the federal government led by the PDM has repeatedly denied the opposition Pakistan Tehreek-e-Insaf’s suggestion that the nation may soon default.