ISLAMABAD: The talks in course between Pakistan and the International Monetary Fund (IMF) on the seventh review they appear to have been delayed due to political uncertainty in Village.
Sources said the IMF staff team closely follows political developments in the country before taking a decision with about the conclusion of the seventh review even after about twenty days from start of the discussion. Both the Ministry of Finance and IMF officials say yes remain engaged in discussions.
The ministry of Finance on Thursday in a statement stated that the IMF wanted some further discussion on industrial promotion package over the next few days.
The ministry of Finance released this clarification after a report claimed Pakistan failed convince the IMF over the amnesty scheme.
According to the documents, Pakistan had assured the IMF that it will not announce a amnesty anyway Prime Minister scheme on February 28, 2022, announced an industrialist package that was basically a amnesty scheme.
The Ministry of Finance also says that the negotiations under the seventh review are continuing as planned and the two sides remain engaged on a regular on a technical level through virtual meetings and data sharing.
Focus of negotiations under the seventh review was on the objectives agreed between the two parties, as well as the recent one announced aid and industrial promotion packages adding that there is a consensus that all the objectives agreed at the end of December have been achieved, while progress on other actions mentioned in the Memorandum on Economic and financial policies (MEFP) for the sixth review has also state found be satisfactory.
On the relief package, complete details, including financing options were shared with the IMF and a general understanding was developed.
The IMF has, however, indicated the need for some further discussion on industrial promotion package over the next few days. Understanding is expected developed on the saying package following these discussions.
Upon completion of the technical interviews, the text of the Memorandum on Economic and financial policies (MEFP) for the seventh review will enter in discussion. The government is confident that the finalization of the MEFP would lead to the IMF board meeting towards the end of April. The government remains committed to completing the IMF program successfully in September.
On the other hand, the resident representative of IMF for Pakistan Esther Perez Ruiz on a question answered that “the authorities and the IMF remain engaged in discussions on recent developments and policies to promote macroeconomic stability in Pakistan”.
