Difficulties in IMF deal even after funding from Saudi, UAE

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Even after funding from Saudi Arabia and the United Arab Emirates (UAE), the IMF’s staff-level agreement is in trouble.

Sources in the Ministry of Finance have said that Pakistan needs 3 billion dollars in funding, while Saudi Arabia has verbally informed about funding 2 billion dollars.

Sources have said that Finance Minister Ishaq Dar will contact the UAE leadership before leaving for America on April 10.

Finance Ministry sources say that Finance Minister Ishaq Dar may stay in UAE for 1 day in this regard.

Sources say that the IMF still has objections to Rs 900 billion annual subsidy for various sectors.

Sources have said that the IMF is sticking to the demand for a further increase in interest rates in line with inflation.

Sources in the Ministry of Finance have further informed that the IMF wants the interest rate to be fixed in proportion to inflation.

Finance Ministry sources also say that the IMF has also demanded to meet the shortfall of petroleum levy and taxes.

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