Tuesday , March 31 2020

Pakistan, IMF fail to reach consensus for a new bailout package

Islamabad: Another round of talks between Pakistan and the International Monetary Fund (IMF) ended without any result on Tuesday, as both the sides failed to reach a new package.

Sources informed that the talks were held in Islamabad, the officials that talked from the IMF side extended their demands that would further devalue money against the dollar, increase in tax and interest rate.

Pakistani officials responded to this demand by saying that increase in the interest rate will simultaneously increase expenses on the govt side, and the goal to collect tax of worth Rs 4435 billion rupees will become difficult.

Sources within the ministry analyzed that money is already de-valued and the demands of the IMF are very pressing and not acceptable.

However, it should be noted that IMF and Pakistan have decided that they can have talks in future related to the bailout package. The time will be decided later with the mutual cooperation of the two dignitaries.

 

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