The federal Minister for Finance, Shaukat Tarin, has announced that the Extended Fund Facility (EFF) program will continue as both Pakistan and the International Monetary Fund (IMF) want it to move forward.
He made these remarks while speaking to the media, and ruled out any disagreements between Pakistan and the IMF. “Both the Government of Pakistan and the IMF want to continue the program,” he affirmed.
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Minister Tarin said that there is no danger of Pakistan exiting the program, and that both sides will definitely develop an understanding as the way Pakistan has chosen for sustainable growth will eventually convince the IMF.
He said that Pakistan has asked the IMF to observe the country’s economic performance for a few months and evaluate the impact of the policies announced in the budget.
He explained that while both the IMF and Pakistan want improvements in certain segments of the economy, including the power sector, Pakistan has chosen a path that is different from the one recommended by the IMF.
The IMF wanted to enhance revenues by removing exemptions, but Pakistan chose to implement reforms to broaden the tax base instead of burdening the existing taxpayers, he added.
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The minister stated that the IMF has agreed to continue discussions and to monitor the impacts of new policies for two to three months.
He said that the sixth IMF review that had previously been scheduled for July will now be held two months later.
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