Benazir shah, University in Peshawar, Pakistan

Islamabad [Pakistan], May 8 : Despite the assurances from friendly countries about external funds to Pakistan, the International Monetary Fund (IMF) is showing a lack of confidence and asking Islamabad to 'do more' to unlock loan programme, ARY News reported on Monday, quoting sources.According to the sources, Pakistan has been asked to present a repayment plan for a USD 3.7 billion loan to the IMF in June as well as needs to demonstrate stronger support from friendly nations in order to meet the commitment.However, the IMF has reportedly not agreed to a proposal to exchange reserves equal to two months' revenues, which would be valued between USD 11 to USD 12 billion.Sources within the Ministry of Finance revealed that the government has imposed PKR 170 billion in taxes through the mini-budget in a bid to secure a staff-level agreement with the IMF, which was originally scheduled for February 9, ARY News reported.It is pertinent to mention here that the IMF issued the schedule of board meetings in which Pakistan is not included in any agenda until May 17.Funding will also not be available from international financial institutions as the staff-level agreement is not reached, moreover, the budget-making process can be affected if transactions with the IMF are not concluded, ARY News reported.Last month, the staff-level agreement between Pakistan and the International Monetary Fund is again 'delayed' as the international lender put a new demand.As per details, the meeting of Finance Secretary Hamid Yakoob in the US remained 'unfruitful' with the International Monetary Fund as the international lender has given the plan to arrange USD 1 billion from commercial banks to unlock the loan program, ARY News reported.The staff-level agreement was supposed to be signed on February 9 but had been delayed after then over IMF's demands.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Benazir ShahFOLLOW

Benazir shah, Latest News

Islamabad [Pakistan], May 9 : Former Pakistan Prime Minister Imran Khan, who was arrested by Rangers from outside Islamabad ... ...

Islamabad, May 9 In wake of the arrest of Pakistan Tehreek-e-Insaf (PTI) chief Imran Khan by Rangers personnel ... ...

Islamabad, May 9 Pakistan's Power Minister Khurram Dastgir Khan has said that the failure to sign a staff-level ... ...

Former Pakistan Prime Minister and Pakistan Tehreek-e-Insaf chief Imran Khan has been arrested by Rangers in the Al-Qadir Trust ... ...

Islamabad, May 9 Pakistan's former Prime Minister Imran Khan was arrested from outside the Islamabad High Court on ... ...

Islamabad [Pakistan], May 9 : Former Pakistan prime minister Imran Khan was arrested by from outside the Islamabad High ... ...

By Hamza Ameer Islamabad, May 9 As Pakistan's financial year comes to a close, the cash-strapped country's ruling ... ...

Islamabad [Pakistan], May 8 : Despite the assurances from friendly countries about external funds to Pakistan, the International Monetary ... ...