Pakistan Working to Meet IMF Requirements, Says PM Sharif
(Bloomberg) -- Pakistan is working to meet all the conditions set by the International Monetary Fund for a new $7 billion loan program, according to Prime Minister Shehbaz Sharif.
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The government will ensure all requirements set by the lender are completed on time, he said on Tuesday in a cabinet meeting without giving exact details. Pakistan’s finance minister Muhammad Aurangzeb later said they are in advanced stages of getting assurances for external financing.
The IMF program is crucial for the South Asian nation to meet debt payments of about $26 billion in the year started July. Pakistan secured a staff-level approval for the loan in July that needs a final approval from the IMF’s executive board. Pakistan’s finance minister expects a deal by the end of the month after an earlier self-imposed deadline for August lapsed.
The government has decided to add new taxes on retail traders, the finance minister said in a televised speech Tuesday. Pakistan has backtracked on similar tax increases after protests in the past. Sharif’s government has taken unpopular steps including adding record-high taxes and increasing energy prices to meet IMF conditions, often triggering a public backlash.
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