Govt Budget Based On Upcoming Election Preparations | Khurram Hussain Revelations | Dunya News

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Minister for Finance and Revenue Ishaq Dar on Thursday discussed various areas of common interest to further strengthen trade and economic ties with United Arab Emirates (UAE) top diplomat.

The financial czar met UAE Ambassador to Pakistan Hamad Obaid Ibrahim Salim Al-Zaabi and conversed about the deep-rooted brotherly ties between both countries.

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He said it would not work for Pakistan if the IMF combined the 9th and 10th review of the bailout, adding, "We will not do it, (we) see this is (as) unfair."

The IMF's $1.1 billion funding to Pakistan, which is part of the $6.5 billion Extended Fund Facility agreed in 2019, has been held up since November.

Islamabad hosted the IMF mission in February to negotiate a series of fiscal policy measures to clear the 9th review.

Pakistan had to complete a series of prior actions demanded by the IMF, which included reversing subsidies, a hike in energy and fuel prices, jacking up its key policy rate, a market-based exchange rate, arranging for external financing and raising over 170 billion rupees ($613 million) in new taxation.

The fiscal adjustments have already fuelled Pakistan's highest ever inflation, which hit 36.5% year-on-year in April.

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Reporting by Asif Shahzad; Editing by Alexander Smith
Our Standards: The Thomson Reuters Trust Principles.

Asif Shahzad
Thomson Reuters

Shahzad is an accomplished media professional, with over two decades of experience. He primarily reports out of Pakistan, Afghanistan regions, with a great interest and an extensive knowledge of Asia. He also reports on politics, economy, finance, business, commodities, Islamist militancy, human rights

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