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Pakistan asks IMF to delay 6th country review meeting to end-January -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The International Monetary Fund logo can be seen at the Washington headquarters, U.S.A, on September 4, 2018. REUTERS/Yuri Gripas

ISLAMABAD, (Reuters) – Pakistan has requested that the International Monetary Fund delay a meeting to discuss the sixth country review to the end of January.

Meeting was to have place Jan. 12, to examine the recommendation for Pakistan’s $3 billion, three year programme.

Pakistan, however, has so far failed to adopt the recommended fiscal tightening measures that are tied to the release of funds.

“As soon of the legislative processes are completed, IMF board will review it for approval,” said the finance ministry in a statement. This is a midyear budget that reduces some exemptions and creates new revenue measures.

Late last month, the legislation was brought to parliament. However it met with fierce opposition amid rising inflation rates and widening deficits.

Last week, government officials stated that they were confident of passing the budget by this month.

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