Abb Takk News

Technical Level Talks Between Pakistan, IMF Continued

Islamabad (November 08, 2018): The technical level talks between the International Monetary Fund (IMF) and Pakistan officials are continued on the second day in which Pakistan shared the economic date with IMF.

According to details, on the second day of the dialogue, Pakistan shared the power sector data with IMF and briefed it over the circular debts, subsidy details, line losses and statistics regarding the receiving of the power sector.

The first round of talks will be done to work out technical details during the first 10 days and in case of agreement on broader macroeconomic and fiscal framework with minute details the policy level talks will begin for three to five days in which the size of the IMF program and conditions will be negotiated with the Pakistani team.

Pakistan last month announced a $6 billion assistance package from Saudi Arabia, split into $3 billion in foreign currency support and a further loan worth $3 billion in deferred payments for oil.Officials said Pakistan and the IMF mission will evolve agreement on the memorandum of economic and financial policies and then sign of letter of intent to secure a 36-month extended fund facility loan.

The country ended its three years $6.6 billion programs in September 2016.

Officials said both sides will have to reconcile macroeconomic and policy framework, legal language, attached conditions and many other complex subjects and work out exact financing gap during the program period and possible size of funding.

According to finance ministry sources, the policy-level talks between Pakistan and the Fund will begin on Monday. The government will present its estimate for an expected loan package at the end of the talks, which are expected to last until November 20.

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