Talks between Pakistan and the International Monetary Fund (IMF) that began on October 4 for fresh loans of $1 billion remained inconclusive “because of differences over the macroeconomic framework and deepening uncertainty over the future roadmap of the economy.”
According to the Express Tribune talks failed despite Pakistan having implemented a prior condition of increasing electricity and petroleum products prices. The newspaper said that both sides have however decided to remain engaged.
Also read: Cash strapped Pakistan's bid for $1 bn IMF loan may face hurdles
Earlier, in a report, India Narrative had said that Pakistan, with a deterioration of relations with the US and the West would find it difficult to come to a conclusion with the IMF.
Pakistan owes about $11.54 billion to the Paris Club lending countries that include $1.42 billion to Germany, $175 million to Italy, $5 million to the UK besides $403 million to Canada.
The newspaper also said that Finance Minister Shaukat Tarin (whose tenure expired on Friday) met with IMF managing director Kristalina Georgieva and US Assistant Secretary of State for South and Central Asia Donald Lu. “However, it seemed both these meetings also remained unproductive,” the report said.
