$1 Billion Tranche, Pakistan’s Talks With IMF Fail Again
Pakistan and the International Monetary Fund (IMF) were unable to reach a staff-level agreement due to disputes over the macroeconomic framework and the worsening economic outlook.
The new round of negotiations began on October 4 in Islamabad and finished on October 15 in Washington. This is the second time that both parties have met to negotiate the release of the $1 billion loan tranche, but the issue of securing a clean economic bill of health remains unresolved. The first round of negotiations was held in June, but it was fruitless as well.
Despite the fact that Pakistan had already enforced a prior condition mandating price rises for energy and petroleum products, the negotiations failed. Each party has shown a readiness to maintain dialogue.
Pakistan has already accepted two IMF requirements. The government has hiked the price of electricity by up to 14%, or Rs 1.68 per unit while raising the price of petroleum products to an all-time high of Rs 137.79 per liter.
According to Tarin, although the IMF intended for fuel prices to be passed on to consumers, the government only hiked prices by Rs 10 per liter.
The federal government raised the price of gasoline by Rs 10.49 per liter and diesel by Rs 12.44 per liter to Rs 135, effective Saturday.
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