Staff Report
ISLAMABAD: The International Monetary Fund (IMF) on Monday asked Pakistan to reduce expenses before the talks on the ninth review of a $7 billion loan program.
As per details, the International Monetary Fund (IMF) is not satisfied with the performance of the Finance Ministry and the Federal Board of Revenue (FBR) and has demanded to reduce expenses, sources said.
The fund has asked the Finance Ministry to submit a report of the increase in expenses due to floods in Pakistan for the release of the loan tranche.
In response, the Finance Ministry assured the IMF of submission of a report in the current month to which the fund has disagreed. The fund has reportedly asked the FBR to increase tax collection.
Earlier, State Minister for Finance and Revenue, Ayisha Ghous Pasha had said that the IMF was informed about hike in expenditures due to unprecedented flooding in the country.
“The emergency and available resources were utilized to tackle the flood situation,” state minister said. Pakistan will also demand additional funds from the IMF,” the minister said. The monetary fund has asked for a report with regard to the targets that could not be achieved due to floods, sources added.
Meanwhile, a delegation led by State Minister for Petroleum Musadik Malik on Monday has left for Russia to discuss an agreement for the import of oil at cheap price. The agreement for the import of oil at a cheap price will help Pakistan save dollars and tackle skyrocketing fuel prices.
The delegation led by Musadik Malik comprised of secretary petroleum Muhammad Mahmood and others will discuss cooperation between Islamabad and Moscow in the petroleum sector.
Furthermore, the construction work on the Pak-Stream Gas Line will also come under discussion. Earlier, the National Assembly was informed that a high-power delegation would soon visit Russia to negotiate any possibility of long-term cooperation to acquire gas and oil.
According to details, Parliamentary Secretary for Petroleum Division Hamid Hameed told the House in response to a question during Question Hour. “At present Russia has not offered to supply gas to Pakistan,” he said.
Hamid Hameed, however, added the government of Pakistan had written a letter to Russian authorities on the 11th of the last month, conveying interest to procure two to three cargoes of LNG for the month of December 2022 and January next year at discounted price and deferred payment facility. -Agencies
