Tag: International Monetary Fund

  • SAPM on Finance resigns due to differences with Shaukat Tarin: Sources

    SAPM on Finance resigns due to differences with Shaukat Tarin: Sources

    Special Assistant to Prime Minister (SAPM) on Finance and Revenue Dr Waqar Masood resigned on Tuesday over growing differences with Finance Minister Shaukat Tarin, reported Geo News.

    Reportedly, the differences between the two grew over the International Monetary Fund (IMF) programme.

    While Masood wanted the government to implement the IMF conditions as per the money lender’s programme, the finance minister was of the view that Pakistan will not be able to implement these conditions.

    Tarin, sources said, is in favour of negotiations with the IMF to obtain some relaxation from the money lender.

    It is being said that the dejected Masood is of the view that his recommendations as a special assistant on revenue are being ignored. He sent his resignation to the prime minister Tuesday, and until it is accepted, will continue to work in his official capacity.

  • Pakistan, IMF agree on reforms for release of $500m

    Pakistan, IMF agree on reforms for release of $500m

    The International Monetary Fund (IMF) and Pakistan on Tuesday reached a staff-level agreement over reforms that will lead to the release of around $500 million in funds, the IMF and the finance ministry said.

    The package strikes an appropriate balance between supporting the economy, ensuring debt sustainability and advancing structural reform, the fund said in a statement.

    “Pending approval of the Executive Board, the reviews’ completion would release around US$500 million,” the IMF said.

    Finance Minister Dr Abdul Hafeez Shaikh also confirmed the agreement on Twitter, saying that “overcoming the challenges created by the pandemic has required concerted effort”.

    “This is a good development for Pakistan,” he added.

    In a statement, IMF said that Pakistan’s progress under the Extended Fund Facility (EFF) had been temporarily disrupted by the shock of the pandemic.

    “The Pakistani authorities remain committed to ambitious policy actions and structural reforms to strengthen economic resilience, advance sustainable growth, and achieve the EFF’s medium-term objectives,” the statement noted.

    Last month, State Bank of Pakistan Governor Dr Reza Baqir had said that Pakistan was in talks with the IMF to put the financial support programme back on track.

    “We hope to have good news for the market and the world that we are putting the programme back on track,” Baqir had said.

    Last year, staff from the IMF and Pakistani authorities reached an agreement to pave the way for a disbursement of $450m in IMF funds pending approval from the global lender’s executive board.

    Pakistan and the IMF have been working to implement IMF-supported economic reforms, in particular tax collection, aimed at stabilising the economy and shoring up a yawning fiscal deficit.

    Pakistan entered a $6 billion IMF programme in 2019.