The International Monetary Fund's resident representative in Pakistan, Esther Perez Ruiz, has confirmed that a mission of the Fund will hold talks with Pakistani officials on a new loan programme next week.
According to Ruiz, the IMF mission will be led by Nathan Porter. A new loan program will be discussed with the Pakistani authorities during the upcoming visit.
She said the purpose of the negotiations is to lay the foundation for better and stronger governance. The IMF representative said that the parties will also discuss sustainable economic development, which will benefit all Pakistanis.
Also Read: Pakistan makes formal request for new $6 to $8bn IMF loan program
"During these negotiations, there will be talks on laying the foundation for flexible and sustainable economic development. All Pakistanis will benefit through sustainable economic growth," the IMF representative said.
It should be noted that the government has assured the International Monetary Fund (IMF) of further economic reforms. The government says no new tax amnesties, exemptions, or concessions will be given in the upcoming budget, which will be prepared in full consultation with the IMF.
The IMF has also been promised not to issue supplementary grants in the future.
Also Read: No new tax amnesty, exemption in budget: Govt assures IMF
On the other hand, the IMF has demanded the government speed up the process of economic reforms. It has also complained about the delay in the reforms initiated during the caretaker period.
Back in April, in its mission to seek a new bailout package from the IMF, Pakistan made a formal request for a new loan program ranging between $6 to $8 billion. The formal request was made by Finance Minister Muhammad Aurangzeb during a meeting with IMF officials held in Washington.
The proposed bailout package aims to address various economic needs, including funding for the Extended Fund Facility (EFF) program and climate financing initiatives. The exact size of the potential loan program is expected to be determined during upcoming negotiations scheduled for next month.
