Aaj TV News

BR100 4,519 Increased By ▲ 22 (0.49%)
BR30 18,277 Decreased By ▼ -62 (-0.34%)
KSE100 44,114 Increased By ▲ 178 (0.41%)
KSE30 17,034 Increased By ▲ 95 (0.56%)
CASES 1,284,189 303
DEATHS 28,709 5
Sindh 475,248 Cases
Punjab 442,950 Cases
Balochistan 33,479 Cases
Islamabad 107,626 Cases
KP 179,928 Cases

Pakistan "close" to staff-level agreement with IMF says Tarin

21 اکتوبر 2021
Analysts are eager to see progress in talks between IMF and Pakistan. IMF
Analysts are eager to see progress in talks between IMF and Pakistan. IMF

Pakistan is "close" to reaching staff-level agreement with the International Monetary Fund according to Advisor to the Prime Minister on Finance and Revenue Shaukat Tarin.

The News reported that Tarin and the IMF concurred on Wednesday "that the PM's aide was making the last-minute endeavor to sign the Memorandum of Economic and Financial Policies with the IMF employees through a consensus."

“Yes we are close,” Tarin was quoted by the News as saying, an indication that the issue may be resolved soon.

Tarin returned to DC to conclude the Sixth Review talks under the $6 billion Extended Fund Facility with the IMF.

Geo also reported that Pakistan and the IMF team "have agreed on jacking up discount rate by 100 basis points, raising it up from 7.25 percent to 8.25 to 8.5 percent, taking additional revenue measures on removing GST exemptions, jacking up rates of income tax for income brackets, abolishing Regulatory Duty (RD) on luxury items and reducing flow and stocks of the monster of circular debt."

IMF’s Resident Chief Teresa Daban Sanchez was quoted in The News as saying the IMF team "remained engaged with Pakistani counterparts on moving forward our work agenda."

In related news, shares at the Pakistan Stock Exchange rose on Wednesday following news that IMF talks were moving forward.