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Sunday
July 2019
12:28 PM IST
News Headlines
Priyanka ends her ''dharna'' in Chunar, Cong to pay Rs 10 lakh to victims'' kin        Sheila Dikshit passes away        Western allies back UK over tanker seizure        Shiva Thapa becomes India''s first gold-medallist in Kazakhstan President''s Cup        Three beaten to death in Bihar over attempted buffalo theft        Priyanka detained on way to Sonbhadra, says prepared to go to jail        Heavy rains continue in Kerala        Indian-American adoptive father of Sherin Mathews challenges life term, seeks new trial        PM Khan to travel to US on commercial flight        Trump reaffirms Iranian drone destroyed, Tehran denies        Sindhu tames old rival Okuhara to enter semis of Indonesia Open        Dhoni has no immediate plans to retire, says longtime friend Arun Pandey        Team India squad for Windies Tour to be announced on July 21        India asks Pak to implement ICJ verdict on Jadhav immediately; Imran says shall proceed as per law        Trust vote; Karna assembly adjourned amid din; Guv directs CM to prove majority by Friday 1.30 pm        IT dept attaches assets of Mayawati''s brother, BSP blames BJP govt        33 dead in suspected arson attack on Japan animation studio        Former Pak PM Abbasi arrested over corruption case        Iran Guards say they have seized a ''foreign tanker''        Bayliss replaces Moody as Sunrisers head coach        
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Business News
Pak to continue talks with IMF on bailout over weekend
 
Islamabad: The talks between cash-strapped Pakistan and the IMF will continue over the weekend after the parleys between the two sides reached a deadlock due to Prime Minister Imran Khan''s reservations over heavy taxation the people would have to bear, according to a media report on Saturday. Head of IMF Mission to Pakistan Ernesto Rigo is currently in Islamabad as the country hopes to strike a deal with the global lender for a three-year bailout package totalling around USD 6.5 billion. “We have made good progress in our discussions with the visiting IMF Mission.

Consultations will continue over the weekend,” Khaqan Hasan Najeeb, the spokesman of the Finance Ministry, was quoted as saying by the Express Tribune. Sources in the ministry of finance said that there were at least three main sticking points that led to inconclusive talks till the last day of the IMF visit.

As of Thursday, the top management of the Ministry of Finance was hopeful to conclude the deal and the IMF team had planned to return on May 11, the report said. But things went off the track after the IMF insisted on inclusion of some new conditions in the programme, which appeared unreasonable. Prime Minister Imran Khan also expressed reservations over massive additional taxes burden that the nation will bear from July this year, provided both sides reach an agreement, it said. Pakistan has accepted the IMF''s demands of flexible exchange rate regime, withdrawal of subsidies, containing borrowing from the central bank and reinitiating the privatisation programme.

The talks remained inconclusive despite Pakistan conceded to almost everything that the IMF asked for, the report said. Pakistan and the IMF are engaged to finalise the bailout package for the past eight months. It was the second visit by the IMF staff level team during the past five months that again could not conclude the deal within the due time. The sources said the IMF has sent a draft of the proposed agreement to Washington for vetting that includes some new conditions which were not part of negotiations in the first round of talks.


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