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IMF, Pakistan Government Agree On Contingency Plan In Case Of Inability To Meet $3 Billion Bailout Package Targets
Formal policy-level talks. between IMF and Pakistan authorities, are anticipated to commence soon.
Pakistan's interim government and the International Monetary Fund (IMF) have reportedly agreed on backup measures, set to be activated by the year's end if Pakistan government is unable to meet targets for the ongoing $3 billion bailout plan.
According to a news report by Dawn, the IMF and Pakistani authorities is expected to conclude technical-level discussions on 10 November, which will include an exchange of the latest data beyond the end-September quarterly performance.
Formal policy-level talks are anticipated to commence on Monday (13 November), with both parties agreeing on the future course of action.
This includes measures such as expanding taxation on the retail sector and refining real estate-based revenue collection in the event of any shortfalls.
The Dawn report suggests that consensus has been reached on activating backup measures by the end of the year to address significant deviations from fiscal and monetary objectives that may jeopardise the loan programme.
The policy-level talks will also discuss issues such as whether the IMF has any concerns about Pakistan's plans for attracting foreign direct investment (FDI).
The report states that 'the government aims to attract this investment from friendly nations—particularly in mines and minerals, agriculture, aviation, and energy sectors—through the newly created civil-military forum, the Special Investment Facilitation Council.’
Moreover, according to the report, there are no financial hiccups with the power sector this time, highlighting the power sector's circular debt, which has remained one of the sore points of Pakistan's bleeding economy.
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