What Will Be The Result If Govt Cannot Sign Agreement With IMF ? | Abid Qaiyum Suleri Revelations

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As Prime Minister Shehbaz Sharif expressed his confidence to finalise the deal with the International Monetary Fund (IMF), reports have emerged that the world’s top lender may club the 9th and 10th reviews together with the bailout programme for Pakistan scheduled to expire on June 30.

It's the time constraints which have seemingly made the IMF to consider this option as the deadlock persisting since November last year due to the lender’s tough conditions meant that the two sides are unable to reach a final deal and finalise the staff-level agreement.

The latest report comes after it was earlier suggested that the Shehbaz-led government had decided to move ahead with the annual budget preparations without taking any dictation from the IMF.

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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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