Pak's talks with IMF on USD 6 billion Extended Fund Facility not failed: PM Khan's top aide

Pakistans talks with the IMF for the resumption of USD 6 billion Extended Fund Facility EEF has not failed and the government was working hard for an inclusive and sustainable financial growth, Prime Ministers Adviser on Finance and Revenue Shaukat Tarin said on Monday.

Pakistan's talks with the IMF for the resumption of USD 6 billion Extended Fund Facility (EEF) has not failed and the government was working hard for an inclusive and sustainable financial growth, Prime Minister's Adviser on Finance and Revenue Shaukat Tarin said on Monday. Tarin's statement came a day after he was quoted as saying in the media reports that a fresh round of talks between Pakistan and the International Monetary Fund (IMF) for the release of USD 1 billion loan tranche and a good economic certificate to the nation has remained inconclusive.

''The government was working hard for an inclusive and sustainable economic growth that benefits all segments of the society, especially the poor,'' he said, adding that the reports regarding the failure of talks were ''completely wrong''.

“I don’t know what’s the basis on which an impression has been given by some that the talks have failed— they are totally wrong,” he said.

Tarin said the finance secretary was still in Washington pursuing the talks with the relevant IMF officials, and that he was in contact with the FBR chairman as well as with him for any advice.

''At this stage, final details were being worked out and the negotiations would, inshaAllah, conclude successfully,'' Tarin said.

''There was an atmosphere of positivity and the next few days would show a productive outcome from the talks,'' Tarin added.

The adviser also said his meeting with IMF Managing Director Kristalina Georgieva and other fund officials was “useful and positive”.

“The nation shouldn’t be disillusioned by some unfounded negative reports,” Tarin added.

Asked whether the IMF was demanding that Pakistan do more, Tarin said that every banker would put similar demands when someone applies for a loan.

Tarin said Pakistan had its red lines to protect its interests, although it has been made clear to the IMF that the government would pursue the reform process for sustainable growth.

According to The Express Tribune newspaper on Sunday, Pakistan and the IMF again failed to reach a staff-level agreement at the scheduled time because of differences over the macroeconomic framework and deepening uncertainty over the future roadmap of the economy.

The fresh round of talks from October 4 to 15 for the release of the USD 1 billion loan tranche and receiving a good economic health certificate remained inconclusive.

The talks failed despite Pakistan having implemented a prior condition of increasing electricity and petroleum products prices. However, both sides have shown resolve to remain engaged, the report said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)