Pakistan, IMF fail to reach agreement

Even though Pakistab has fulfilled IMF's tough conditions, Pakistan has so far failed to strike a staff-level agreement with the International Monetary Fund (IMF) under the $6 billion Extended Fund Facility (EFF). According to the NEWS report, both sides have failed to reconcile on the Memorandum of Economic and Financial Policies (MEFP).

The Pakistani side expects the finance secretary to prolong his stay in Washington DC for the next few days to make last-ditch efforts in reconciling and evolving consensus on the MEFP and completion of the sixth and seventh reviews, to pave way for the approval of $1 billion under the EFF programme.

Sources said that it was a worrisome development that the IMF staff was so far busy in number crunching mainly on the fiscal framework, external front and power sector.

Despite Pakistan's hectic efforts and fulfilling the toughest conditions of the IMF on account of raising the electricity tariff by Rs1.39 per unit on average for baseline tariff, raising POL prices by Rs10.49 for petrol and Rs12.44 for diesel, the IMF staff is still unsatisfied with the macroeconomic framework under the MEFP and without agreement over it, the staff-level agreement will not be struck and the IMF tranche will be jeopardised.

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Pakistan, IMF fail to reach agreement

Even though Pakistab has fulfilled IMF's tough conditions, Pakistan has so far failed to strike a staff-level agreement with the International Monetary Fund (IMF) under the $6 billion Extended Fund Facility (EFF). According to the NEWS report, both sides have failed to reconcile on the Memorandum of Economic and Financial Policies (MEFP).

The Pakistani side expects the finance secretary to prolong his stay in Washington DC for the next few days to make last-ditch efforts in reconciling and evolving consensus on the MEFP and completion of the sixth and seventh reviews, to pave way for the approval of $1 billion under the EFF programme.

Sources said that it was a worrisome development that the IMF staff was so far busy in number crunching mainly on the fiscal framework, external front and power sector.

Despite Pakistan's hectic efforts and fulfilling the toughest conditions of the IMF on account of raising the electricity tariff by Rs1.39 per unit on average for baseline tariff, raising POL prices by Rs10.49 for petrol and Rs12.44 for diesel, the IMF staff is still unsatisfied with the macroeconomic framework under the MEFP and without agreement over it, the staff-level agreement will not be struck and the IMF tranche will be jeopardised.

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Increase in petroleum prices is not linked to IMF: Shaukat Tarin

Finance Minister Shaukat Tarin has said that the latest increase in petroleum prices is not linked to Pakistan’s talks with the International Monetary Fund (IMF) for the resumption of a loan facility. “A steep increase in gas prices in the international markets forced the government to take this step,” Mr Tarin said while addressing a press conference at the Pakistan Embassy in Wa­­shington on Friday evening. The Finance Division iss­ued a notification in Islam­abad on Saturday about the new petroleum prices. The notification endorsed the finance minister’s argument about a…

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Balochistan Assembly session for no-trust motion against CM Kamal on Oct 20

A Balochistan Assembly session for a no-confidence motion against the province's chief minister Jam Kamal has been summoned on October 20. Disgruntled members of the provincial assembly — including lawmakers from CM Kamal's own party Balochistan Awami Party (BAP) and allied parties — had on October 11 submitted a no-confidence motion against him. The disgruntled members, in the motion submitted to the assembly secretariat, said during the three years of Kamal's term as the chief minister, there has been unemployment, unrest, and frustration in the province. A similar move was…

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Increase in petrol prices stems from demand-supply crisis in international market: Hammad Azhar

Federal Minister for Energy Hammad Azhar on Saturday said the increase in petrol prices in Pakistan stems from the demand-supply crisis in the international market, "not because of the International Monetary Fund (IMF)". the minister addressed the continuous hype regarding the increase in electricity and petrol prices. "The petrol price has been increased on the recommendation of Oil and Gas Regulatory Authority (OGRA)," Azhar said, adding that the increase may be more or less than the proposed price, but the Ministry of Finance "will know about the actual numbers". Shedding…

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Balochistan Assembly session for no-trust motion against CM Kamal on Oct 20

A Balochistan Assembly session for a no-confidence motion against the province's chief minister Jam Kamal has been summoned on October 20. Disgruntled members of the provincial assembly — including lawmakers from CM Kamal's own party Balochistan Awami Party (BAP) and allied parties — had on October 11 submitted a no-confidence motion against him. The disgruntled members, in the motion submitted to the assembly secretariat, said during the three years of Kamal's term as the chief minister, there has been unemployment, unrest, and frustration in the province. A similar move was…

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Increase in petrol prices stems from demand-supply crisis in international market: Hammad Azhar

Federal Minister for Energy Hammad Azhar on Saturday said the increase in petrol prices in Pakistan stems from the demand-supply crisis in the international market, "not because of the International Monetary Fund (IMF)". the minister addressed the continuous hype regarding the increase in electricity and petrol prices. "The petrol price has been increased on the recommendation of Oil and Gas Regulatory Authority (OGRA)," Azhar said, adding that the increase may be more or less than the proposed price, but the Ministry of Finance "will know about the actual numbers". Shedding…

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