Sat. Jan 22nd, 2022

International body would meet on January 12 to consider releasing $ 1 billion from Pakistan’s $ 6 billion bailout.

Pakistan has asked the International Monetary Fund (IMF) to postpone a council meeting intended to consider the country’s sixth review until the end of January, the finance ministry said on Monday.

The meeting would take place on January 12 to review the recommendation to release $ 1 billion Pakistan’s $ 6 billion three-year program.

However, Pakistan has so far failed to adopt the recommended fiscal austerity measures related to the release of the funds.

“Once the legislative procedures are completed, the IMF board will consider them for approval,” the finance ministry said in a statement, referring to a mid-year budget that reduces a number of tax exemptions and introduces new revenue measures.

The legislation was introduced to parliament late last month, but has met with fierce opposition from the opposition amid rising inflation and a growing current account deficit.

Last week, the government said it was confident it would adopt the budget later this month.

Source link

By admin

Leave a Reply

Your email address will not be published. Required fields are marked *