Pakistan in Talks with IMF for Potential Follow-Up Program

WASHINGTON - Pakistan is in discussions with the International Monetary Fund on a potential follow-up program to its nine-month, $3 billion stand-by arrangement, IMF chief Kristalina Georgieva said on Thursday, adding that it had important issues to solve.

Georgieva told an event at the Atlantic Council think tank, that Pakistan was successfully completing its existing program with the IMF and its economy was performing somewhat better, with reserves now being built up."There is a commitment to continue on this path, and the country is turning to the fund for potentially having a follow-up program," Georgieva said, flagging issues that the struggling South Asian nation still needed to address.

"There are very important issues to be solved in Pakistan: the tax base, how the richer part of society contributes to the economy, the way public spending is being directed and of course, creating ... a more transparent environment." Pakistan and the IMF last month reached a staff-level agreement on the second and last review of the $3 billion stand-by arrangement, which, if cleared by the global lender's board, will release about $1.1 billion to the struggling South Asian nation.

Both sides have also spoken about negotiating a longer-term bailout and continuing with necessary policy reforms to rein in deficits, build up reserves and manage soaring debt servicing.'Something we should have never had to experience': Mount Pearl couple whose baby died shortly after birth left to grieve their loss on maternity ward

Pakistan IMF Follow-Up Program Economy Tax Base Public Spending Transparency

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Pakistan in talks with IMF for potential follow-up programPakistan is discussing with the International Monetary Fund (IMF) the possibility of a follow-up program to its current stand-by arrangement. IMF chief Kristalina Georgieva stated that Pakistan has made progress in completing its existing program and its economy is improving. However, there are still important issues that need to be addressed, such as expanding the tax base, increasing contributions from the wealthier segment of society, and improving public spending transparency.
Source: SaltWire Network - 🏆 45. / 63 Read more »

Pakistan to discuss Extended Fund Facility with IMF next month, says finance ministerExplore stories from Atlantic Canada.
Source: SaltWire Network - 🏆 45. / 63 Read more »

Pakistan to discuss Extended Fund Facility with IMF next month, says finance ministerExplore stories from Atlantic Canada.
Source: SaltWire Network - 🏆 45. / 63 Read more »

Pakistan PM Sharif says another IMF bailout is inevitableExplore stories from Atlantic Canada.
Source: SaltWire Network - 🏆 45. / 63 Read more »

Pakistan PM Sharif says another IMF bailout is inevitableExplore stories from Atlantic Canada.
Source: SaltWire Network - 🏆 45. / 63 Read more »

Pakistan Clinches Initial Approval for $1.1 Billion IMF PayoutPakistan secured initial approval from the International Monetary Fund for the release of the final tranche from a $3 billion bailout program.
Source: BNNBloomberg - 🏆 83. / 50 Read more »