IMF Forces Pakistan to Accept New Conditions
Reports indicate that Pakistan has caved to International Monetary Fund (IMF) pressure and agreed to implement most of the IMF’s criteria.
A report claims that the widespread belief that talks with the IMF had broken down is false. Islamabad has “accepted” to meet the IMF’s new requirements in order to secure the donor’s loan program. These requirements include increasing tax income and implementing a privatization program.
The spokeswoman stated that discussions with the IMF team were ongoing and that an official statement would be released once they were finished.
He went on to say that the government would have to take action to boost tax income because the IMF had rejected the ministry’s plan and demanded that interest rates be raised, and the market rate of the dollar be fixed. The spokesperson further noted that the ultimate decision on the loan program would be made by the IMF board.
An impasse was said to have continued between Pakistan and the IMF because the global lender had proposed stringent conditions for the release of blocked credit, including that Islamabad reverses an unnecessary tax vacation program and increases tax collection to Rs 6,000 billion.
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