IMF could not be satisfied with the previous steps of Pakistan, after which it has been decided to increase the interest rate further.
According to State Bank sources, the IMF had demanded to increase the interest rate to 4%, but Pakistan had refused to increase the interest rate by 4%.
Pakistan had assured to fix the interest rate in 2 installments based on inflation.
The IMF had pointed out that interest rates in Pakistan are low relative to inflation.
According to sources, the IMF has pressed for an increase in interest rates of at least 2 percent.
According to sources, the State Bank will convene a meeting of the Monetary Policy Committee on April 4 ahead of schedule, in which the interest rate will be reviewed.
Interest rates are likely to rise another 2 percent to revive the IMF loan program.
According to sources, Pakistan has agreed to MEFP 4 times with IMF.
It should be noted that Pakistan’s staff level agreement with the IMF was to be held on February 9.
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