ISLAMABAD
Federal Minister for Finance and Revenue Miftah Ismail has said the much-anticipated talks with the International Monetary Fund (IMF) are going forward in a “positive” manner, hoping that the economic situation in the country will improve soon.
Taking to his Twitter handle on Friday, the finance minister wrote: “With positive IMF talks underway, we expect a turnaround in the economic situation very soon.” Miftah also shared the current account data released by the State Bank of Pakistan (SBP) last night, terming the decline a “good sign for external stability”.
“The current account deficit for April came in at $623 million, less than half the average for the first [nine] months of the fiscal year. This is a very good sign for external stability,” he wrote.
A Pakistani delegation is holding talks with the Fund in Qatar, seeking the revival of the stalled $6 billion loan programme. Miftah will also travel to Doha on May 24 to participate in the final round of negotiations.
The government is expected to withdraw energy subsidies and roll back unfunded subsidies to the oil and power sector. According to reports, Pakistani authorities would make every effort to urge the IMF’s review mission that it should lower the cost of the inflation burden that will impact the population, and may ask for a phased-in approach to subsidy reversal, particularly on petroleum goods.
