Prime Minister Shehbaz Sharif has directed the Ministry of Finance to ensure that the next budget to be presented on June 9 is in line with the demands of the International Monetary Fund (IMF).
In a meeting with Finance Minister Ishaq Dar on Tuesday, the prime minister expressed optimism that the government would reach an agreement with the IMF. He said that Pakistan could not afford to present a budget that violated the IMF's agreed-upon terms.
The prime minister's optimism stems from a recent telephone conversation he had with IMF Managing Director Kristalina Georgieva. In the call, Georgieva expressed support for Pakistan's economic reform program and hinted that the IMF would be willing to revive its $6.5 billion bailout package.
The prime minister's meeting with Dar comes after four months of deadlock in loan talks between Pakistan and the IMF. The finance ministry has been unable to agree with the IMF on key issues such as tax reform and energy subsidies.
The prime minister's directive to the finance ministry is a sign that he is willing to make tough decisions in order to secure a deal with the IMF. A successful IMF program would provide Pakistan with much-needed financial assistance and help to stabilize the country's economy.
Here are some of the key demands that the IMF is likely to make of Pakistan:
- Increased tax collection
- Reduced energy subsidies
- Reform of the civil service
- Privatization of state-owned enterprises
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