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PM, IMF delegation discuss ongoing bailout package

PM, IMF delegation discuss ongoing bailout package
September 17, 2019
ISLAMABAD (92 News) – The International Monetary Fund’s (IMF) delegation on Tuesday called on Prime Minister Imran Khan and discussed ongoing bailout package. During the meeting, the prime minister and IMF delegation led by Director Middle East and Central Asia Jihad Azour exchanged the views about economic condition of the country. Finance Adviser Abdul Hafeez Shaikh, the State Bank of Pakistan governor and the secretary finance were also present during the meeting. The meeting reviewed Pakistan’s economic condition and ongoing bailout package given by the fund to Islamabad. Meanwhile Hafeez Shaikh briefed the IMF delegation about the steps to improve economic crisis of Pakistan. He briefed the IMF delegation that current account deficit has rapidly decreased and Pakistan is expecting to collect tax of Rs.1000 billion in this fiscal year. However, the delegation also visited the Parliament House and attended the session of NA Standing committee on Finance. A day earlier, the IMF's technical mission arrived in  Pakistan. IMF technical mission led by Director of the Middle East and Central Asia Department Jihad Azour has been arrived in Islamabad. The mission held a unofficial meeting with the officials of Ministry of Finance. Both the sides exchanged views on the current economic situation of the county. The IMF technical mission will hold meetings with Prime Minister Imran Khan and Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh tomorrow. The mission hold discussions with Pakistani authorities on fiscal issues, suggest ways to cut the fiscal deficit, and review the reason of a shortfall in tax collection in the first two months of the current fiscal year. They said the IMF team will put forward suggestions for economic reforms and reducing losses in the energy sector. On Sept 13, the IMF had said Pakistan needed to increase its domestic tax revenue in order to fund development. “One of the key elements of the program that the IMF is supporting in Pakistan, Pakistan’s program, is the need to mobilise domestic tax revenue to fund much needed social and development spending while placing debt on a firm downward trend,” IMF Director Communications Gerry Rice said.