The Pakistan government is expecting to reach a staff-level agreement with the International Monetary Fund (IMF) today (Monday) for the release of a US$1 billion tranche.
According to sources in the finance ministry, the IMF will share the memorandum of economic and financial policies (MEFP) with Pakistan.
Previously, Prime Minister Shehbaz Sharif has said that the terms with the IMF have been finalized and the deal will close soon, barring any other conditions set by the global lender.
Addressing the PML-N Senators, the prime minister criticized the Pakistan Tehreek-e-Insaf (PTI) for signing an agreement with the international lender to increase the levy on fuel prices, but refused to abide by the agreement.
“The previous government had accepted to raise Rs 30 petrol levy and sales tax of 17 percent,” he said. “However, the deal was quashed and the previous government had suddenly reduced the prices this March at a time when the petrol prices skyrocketed globally.”
PM Shehbaz said that the government had finalized its deal with the global lender, but that the positive results of this in the form of development would take some time.
He added that the Fund was not ready to trust the PML-N government because of the actions of the previous government. “The IMF was adamant on us fulfilling all the conditions of the agreement,” he said.