ANI
17 Oct 2021, 09:07 GMT+10
Islamabad [Pakistan], October 17 (ANI): Unable to reconcile and evolve consensus on the Memorandum of Economic and Financial Policies (MEFP), the International Monetary Fund (IMF) and Pakistan have so far failed to strike a staff-level agreement under USD 6 billion Extended Fund Facility (EFF), reported local media.
Islamabad expects the finance secretary to prolong his stay in Washington DC for the next few days for making last-ditch efforts to reconcile and evolve consensus on the MEFP and completion of 6th and 7th reviews to pave way for the approval of USD 1 billion tranche under the EFF programme.
The IMF staff is still dissatisfied with Pakistan's macroeconomic framework under the MEFP and without agreement over it, despite the government raising electricity tariff by Rs 1.39 per unit on average for baseline tariff, raising POL prices by Rs 10.49 for petrol and Rs 12.44 for diesel.
Calling it a worrisome development, sources have said that the IMF staff was so far busy in number-crunching mainly on fiscal framework, external front and power sector.
On Friday, the country's government had increased the base power tariff by Pakistani Rs 1.39 per unit to fulfil IMF demand to stay in its programme. The increase will become effective from November and continue till the end of the financial year, June 2022, according to The News International. (ANI)Get a daily dose of Herald Globe news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Herald Globe.
More InformationWASHINGTON, D.C.: Travelers at U.S. airports will no longer need to remove their shoes during security screenings, Department of Homeland...
WASHINGTON, D.C.: An elaborate impersonation scheme involving artificial intelligence targeted senior U.S. and foreign officials in...
SLUBICE, Poland: Poland reinstated border controls with Germany and Lithuania on July 7, following Germany's earlier reintroduction...
WASHINGTON, D.C.: After months of warnings from former federal officials and weather experts, the deadly flash floods that struck the...
MOSCOW, Russia: Just hours after his sudden dismissal by President Vladimir Putin, Russia's former transport minister, Roman Starovoit,...
DHARAMSHALA, India: The Dalai Lama turned 90 on July 6, celebrated by thousands of followers in the Himalayan town of Dharamshala,...
(Photo credit: Jordan Johnson-Imagn Images) Pete Crow-Armstrong crushed a pair of home runs and right-hander Colin Rea handled the...
(Photo credit: Kirby Lee-Imagn Images) Los Angeles Chargers running back Najee Harris sustained an eye injury in a Fourth of July...
(Photo credit: Nathan Ray Seebeck-Imagn Images) Athletics designated hitter Brent Rooker and New York Yankees second baseman Jazz...
(Photo credit: Katie Stratman-Imagn Images) Nick Lodolo and four relievers combined on a four-hit shutout Thursday for the host Cincinnati...
(Photo credit: Eric Canha-Imagn Images) The Red Sox won't wait until after the All-Star break for Alex Bregman, as manager Alex Cora...
(Photo credit: Mitch Stringer-Imagn Images) Jordan Westburg homered and Gunnar Henderson had three hits as the Baltimore Orioles...