News
Saturday, March 12, 2011
IMF, Pakistan talks remain inconclusiveISLAMABAD: Crucial talks between Pakistan and International Monetary Fund (IMF) on Friday remained inconclusive, with the latter agreeing to continue consultations on remaining issues before boarding a flight for Washington. Official sources informed Daily Times that except increase in power tariff by 2 percent, the government failed to provide IMF mission with a time frame for the implementation of imposition of 15 percent flood income tax surcharge, 2.5 percent special excise duty and key performance benchmark enforcement of RGST from July 1, 2011. The IMF mission, headed by Assistant Director Adnan Mazarei had arrived in Islamabad on February 28 and held extensive talks with the Pakistani authorities for possible completion of the fifth review. The purpose of the visit was to procure agreement on some performance benchmarks till the end of March so that these could be implemented by mid May so as to complete the fifth review, the completion of which is mandatory for the release of $1.7 billion sixth trance from IMF under the $11.3 SBA loan programme. The talks were supposed to complete by March 9, however, the IMF delegation assented to the request made by the Pakistani authorities and prolonged it’s stay in the federal capital till March 11. The extension was meant for providing IMF mission with time frame for the enforcement of key economic measures. However, a senior official at the Ministry of Finance informed this scribe that talks remained inconclusive and both the parties agreed to remain in touch. staff report
Courtesy www.dailytimes.com.pk