Talks with IMF commenced: Hafeez Shaikh

February 3, 2020 (MLN): Advisor to the Prime Minister on Finance, Economics and Revenue, Dr. Abdul Hafeez Shaikh has stated that the talks with International Monetary Fund (IMF) regarding the performance of Pakistan have commenced.

With the IMF team all set to arrive in Pakistan today to begin the talks, the Advisor feels very confident about the performance of the Country as according to him, the domestic currency has strengthened against dollar.

Moreover, he has said that several measures have been taken to control inflation, including the import of wheat.

He also feels that Pakistan’s image has improved considerably in international markets, as many foreign investors are expressing interest to invest in Pakistan.

If Pakistan manages to convince the IMF team about the improvement in its economic dynamics, it will result in the latter approving the transfer of third tranche of the $6 billion loan facility designed for Pakistan.

Under the 39 month IMF extended fund facility, Pakistan has already received $1.44 billion in two installments.

During its stay in Pakistan, the IMF team will review performance of various ministries and departments besides reviewing the energy and tax reforms.

Hafeez Shaikh has said that the funds from IMF, if approved, will be used to double the funding for Ehsas Program.   

Furthermore, he said that the Government will approve a Rs. 7 billion package for the utility stores.

He also pointed out that the government is providing subsidies to about 72 percent of electricity consumers.

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