Pakistan IMF talks failed to reach consensus: Report

Pakistan IMF talks failed to reach consensus: Report

ISLAMABAD - Another round of talks between Pakistan and the International Monetary Fund (IMF) failed.

Both the sides failed to reach consensus for a fresh bailout package, a local media outlet reported link.

According to the sources, during the talks held in Islamabad, the officials negotiating from the IMF side demanded further devaluation of rupee against the greenback, an increase in tax collection as well as interest rate.

On these demands, the Pakistani officials stated that an increase in the interest rate would simultaneously increase the expenses on the government side, while achievement of tax collection of Rs4,435 billion would also be difficult, the sources said.

Sources within the finance ministry said the rupee had already been devalued, while demands of the IMF were “not acceptable to us”.

However, Pakistan and the IMF agreed to continue talks in the future, while dates in this regard would be decided later with the mutual consent of both the parties.

Earlier on November 20, 2018, Pakistan had extended talks with the IMF after the two sides failed to agree on the terms of a bailout package.

Finance ministry spokesman Noor Ahmed had said there were still some issues to be ironed out.