ISLAMABAD - Amid delay in finalizing the staff level agreement with the International Monetary Fund (IMF), Pakistan has once again asked United States (US) to play its role in restoring the much-needed loan programme for Islamabad. Pakistan's Finance Minister Ishaq Dar has met Donald Blome, Ambassador of the United States of America to Pakistan. An official of the ministry of finance informed that finance minister has asked the US ambassador to play its role in restoring IMF programme as the government had met all prior actions of the Fund. Finance minister has informed that IMF has conveyed to Pakistan that it has received confirmation from Saudi Arabia on $2 billion in additional deposits. Now, the government is working to get confirmation from United Arab Emirates on another $1 billion deposit, which may pave the way for striking the staff-level agreement (SLA) with the IMF.
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Pakistan and IMF have yet to reach on staff level agreement as both sides are continuously negotiating since January 31 this year. The government had met all prior actions of the IMF. The government has taken all tough decisions including increasing power and gas prices massively and imposing new taxation measures worth of Rs170 billion. In last two days, Pakistan has accepted two more conditions. The government, on the IMF demand, has imposed a surcharge of up to Rs3.23 per unit on electricity consumers across the country from July 1. The State Bank of Pakistan had also increased the interest rate on the direction of the IMF.
According to the ministry of finance, finance minister welcomed Donald Blome and shared deep rooted historic and durable bilateral relations with the United States on economic and trade fronts. The finance minister briefed the envoy about the economic outlook of the country and the challenges being faced by it. He further shared the pragmatic policy decisions being taken by the government to arrest the economic decline and to steer the economy towards a positive trajectory leading to economic stability and growth.
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The finance minister also informed the envoy on the progress in talks held with the IMF and reiterated the commitment of the government to complete the programme. Donald Blome expressed confidence in the policies and programmes of the government for economic sustainability of the country and socio-economic uplift of the masses. He extended his support to further promote bilateral economic, investment and trade relations between both the countries.