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Federal government wants IMF to review agreement for ninth review

Zain Aijaz by Zain Aijaz
December 21, 2022
in Business, Featured, Latest News, National, News, Politics, Top News
Reading Time: 1 min read
IMF approves to issue $1.1 billion to Pakistan; Rupee gains value in interbank market

ISLAMABAD: The ninth review of the International Monetary Fund (IMF) is still pending as the government has requested the financial agency to review the term of the lending programme. The federal government believes that Pakistan can complete the revenue targets without the imposition of new taxes. The foreign ministry is asked to probe into the matter for a successful deal between the government and IMF.

According to sources, Pakistan wants IMF to review the agreement terms because the country cannot take any harsh decisions due to recent floods, economic crises, and global inflation. However, the global lender had reservations about the reliability of figures regarding the effects of flood provided by the government. The meeting between IMF & Pakistan was supposed to take place in October but got rescheduled to November 3 and has been getting delayed since then.

The government has conveyed to the IMF that Pakistan would decrease the current account deficit by the end of 2022, and Federal Revenue Board has prepared the framework to recover the tax from evaders. Pakistan’s forex reserves are at a critically low position, and securing the IMF tranche will allow bilateral and multilateral funding.

Zain Aijaz

Zain Aijaz

Zain is a media student and a writer by passion. He is a certified creative writer from Wesleyan University and enthusiastically writes on non-fiction and political satire. He is vastly experienced in the field of theatre and has served as a theatre mentor across different institutions. Currently, he is a contributor at The Upcut and can be reached at zainaijazdehlvi@gmail.com

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