ANI
23 Oct 2021, 11:48 GMT+10
Islamabad [Pakistan], October 23 (ANI): The Pakistani government and the International Monetary Fund (IMF) have not finalised the Memorandum of Economic and Financial Policies (MEFP) for the completion of the Sixth Review under the USD 6 billion Extended Fund Facility (EFF), reported local media.
Islamabad has found itself in a very tough situation concerning the international money lender's situation. There are risks attached for Pakistan either with or without the IMF loans, reported Geo News.
For one, in the last two weeks, the State Bank of Pakistan's foreign currency reserves has decreased by USD 1.6 billion as Islamabad had paid USD 1 billion on the maturity of the international Sukuk Bond.
On the other hand, inflation is rising in Pakistan. This week, the Sensitive Price Index (SPI) stood at 14.5 per cent this week as it increased by 1.4 per cent in the last one week period compared to the last week. The adjustments made on Pakistan Oilfields Limited (POL) and electricity prices as well as the devaluation of the rupee against the dollar jumped up the SPI by 1.4 per cent in the one-week period, said Geo News.
Meanwhile, Shaukat Tarin, Adviser to the Prime Minister on Finance and Revenues, who was in Washington for MEFP talks, left for Saudi Arabia without concluding the talks, to be part of the official entourage of Prime Minister Imran Khan.
When contacted, IMF Resident Chief in Pakistan Teresa Daban Sanchez in her brief reply on Friday stated, "Still working on it". Official sources told The News that the ball is now in the IMF's court, so it remains to be seen in the coming days how the Fund decides to proceed further. (ANI)Get a daily dose of Perth Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Perth Herald.
More InformationLONDON, U.K.: British oil giant Shell has denied reports that it is in talks to acquire rival oil company BP. The Wall Street Journal...
LONDON, U.K.: A little-known investment fund based in the United Arab Emirates has emerged as the most prominent public backer of U.S....
SYDNEY, Australia: Australia will not ease its strict biosecurity rules during trade talks with the United States, Prime Minister Anthony...
* Indonesia is currently the world's largest producer of nickel and holds the biggest-known reserves of the metal, an essential component...
Taipei [Taiwan], July 2 (ANI): Taipei Fubon Commercial Bank, the banking arm of Fubon Financial Holding Co., has received approval...
BEIJING, July 2 (Xinhua) -- The lifespan of a standard photovoltaic cable is usually 15 years. However, it was only 8 years on western...
SYDNEY, NSW, Australia - , Australian Federal Police (AFP) have shut down a secret drug lab in Sydney's west and seized more than 100kg...
Nearly three months after a devastating earthquake struck Myanmar, the country remains trapped in a deepening crisis, compounded by...
MELBOURNE, Australia: A second embryo mix-up in just two months has pushed one of Australia's largest IVF providers back into the spotlight,...
SYDNEY, Australia: Australia will not ease its strict biosecurity rules during trade talks with the United States, Prime Minister Anthony...
Birmingham [UK], July 2 (ANI): Young Indian opener Yashasvi Jaiswal fell just 10 runs short of breaking legendary batter Rahul Dravid's...
Washington, DC [US], July 2 (ANI): The Quad countries have launched a Critical Minerals Initiative, which will focus particularly on...