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Bailout package agreed as IMF rejects Pakistan’s six main demands

Bailout package agreed as IMF rejects Pakistan’s six main demands
May 10, 2019
ISLAMABAD (92 News) – Pakistan and the International Monetary Fund (IMF) have agreed to the bailout package, rejecting six demands of Pakistan. The final draft of the agreement is being prepared, while the announcement in this regard will be made shortly after approval from Prime Minister Imran Khan. The rejected demands include interim fund for employees on privatization of the departments, reduction in interest rate on loans, subsidy on electricity and gas and an increase in taxes on salaries. After the meeting, Finance Adviser Abdul Hafeez Shaikh and other economic team met Prime Minister Imran and briefed the latter about the final agreement. The team also apprised the prime minister about the IMF bailout package and conditions of the IMF. Prime Minister Imran Khan will grant the policy level to implement the bailout package.
Pakistan accepts IMF’s conditions for bailout package
Earlier on May 8, Pakistan accepted the conditions of the International Monetary Fund (IMF) for bailout package. According to the details garnered, the federal government accepted the demand of the IMF of increasing electricity and gas prices in Pakistan. It also said that the consumers will pay Rs340 billion in three years for electricity and gas. The government has also agreed to make the National Electric Power Regulatory Authority (NEPRA) an autonomous body to set electricity prices. It further reported that only exporters will be given limited subsidy in industrial consumers. “The Oil and Gas Regulatory Authority (OGRA) will also be made autonomous in setting the prices,” it added. Both the respondents already agreed on the amnesty scheme and it was said that the value of rupees fixed by the market. However, the taxes worth of 500 billion rupees will be increased within three years of the period. The government will not provide subsidy and tax relief to any department.
Negotiations with IMF moving ahead in positive way: Hafeez
Earlier, Adviser on Finance Abdul Hafeez Shaikh said that the negotiations with International Monetary Fund (IMF) are moving ahead in a positive way to reach a program. Addressing an Investment Conference, the PM adviser said that IMF package will provide a platform for macro-economic development in the country. Dr Hafeez Shaikh also said that agreement with IMF will send a positive signal to other international financial institutions as well as countries regarding Pakistan’s commitment to fiscal discipline.
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