World

Pakistan asks IMF to delay 6th country review meeting to end-January

Reuters | | Updated on: Jan 10, 2022
image caption

The meeting was meant to take place on January 12 to review the recommendation to release $1 billion of Pakistan's $6 billion, three-year programme

Pakistan has asked the International Monetary Fund (IMF) to delay a board meeting meant to consider the country's sixth review until the end of January, the Finance Ministry said on Monday.

The meeting was meant to take place on January 12 to review the recommendation to release $1 billion of Pakistan's $6 billion, three-year programme.

Fiscal measures

However, Pakistan has been so far been unable to pass recommended fiscal tightening measures tied to the funds' release.

"As soon as the legislative procedures are completed, the IMF board will consider it for approval," the Finance Ministry said in a statement, referring to a mid-year budget that slashes a number of duty exemptions and introduces new revenue measures.

The legislation was introduced to Parliament late last month, but has met fierce resistance from the opposition amidst rising inflation and a widening current account deficit.

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

Published on January 10, 2022

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

COMMENTS
  1. Comments will be moderated by The Hindu editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.

You May Also Like

Recommended for you