Govt is close to sealing a deal
ISLAMABAD: Pakistan government and IMF officials are close to finalizing a deal that will unlock a $1.1 billion stalled tranche.
Prime Minister Shehbaz Sharif’s meeting with the Managing Director of the IMF Kristalina Georgeiva has brightened the chances for revival of the IMF loan in a few days.
Once both sides settle the remaining issues, the federal government will announce this much-awaited development.
Importantly, six days are left before the expiry of the stalled IMF program which will end on June 30.
Government officials are working to clear hurdles between Pakistan and the IMF in the way of the revival of a loan program have been removed.
The breakthrough emerged after prime minister Shehbaz Sharif held an important meeting with the IMF Managing Director Kristalina Georgieva in Paris.
Finance Minister Ishaq Dar and his team are busy settling the issues for the last three days.
The IMF and Finance Ministry teams are working on the new draft early on Saturday morning.
State Bank lifts curbs on imports
The State Bank of Pakistan (SBP) removed all curbs on imports to meet another major condition of the International Monetary Fund (IMF). The SBP issued a circular late on Friday, lifting restrictions on imports based on the suggestions of stakeholders.
According to the circular, the requirement of preferential imports for accessing foreign exchange has been dropped.
A file photo of dollars as the State Bank lifted curbs on imports as the govt is close to finalizing a deal with IMF.
The authorized dealers will supply foreign exchange without discrimination to importers.
Meanwhile, the banks will provide foreign exchange for the clearance of numerous containers.
The central bank has issued a circular to all banks, instructing them to lift the ban on such transactions.
PM Shehbaz meets MD IMF
Earlier, Prime Minister Shehbaz Sharif held a vital meeting with the managing director of the IMF Kristalina Georgieva, and sought her help for the revival of the stalled program.
PM Shehbaz told the IMF chief that Pakistan has fulfilled all harsh conditions of the IMF and waiting for the resumption of the program.
Moreover, Minister of State for Finance Dr Aisha Ghous Pasha, Tariq Fatimi, and some other officials accompanied the prime minister during a meeting with the managing director of the IMF in Paris.
On Wednesday, Prime Minister left for Paris to attend a global summit along with his official delegation.
IMF program to end incomplete in six days
Meanwhile, before leaving for Paris on Wednesday, PM Shehbaz Sharif decided to hold a crucial meeting with the MD of the IMF to seek her help for the resumption of loans.
The two-day summit ended in Paris on June 23. Premier participated in this summit in Paris also held a separate meeting with the IMF boss Gorgeiva.
