ISLAMABAD: International Monetary Fund (IMF) Executive Board has issued meetings scheduled till June 29 without Pakistan as ninth review under Extended Fund Facility (EFF) programme still remains pending.

Pakistan has barely enough currency reserves to cover one month's imports. It had hoped to have $ 1.1 billion of funds released in November but IMF has insisted on number of conditions before it makes any more disbursements.

Sources privy to development said IMF had to meet for release of $ 1.1 billion tranche under 9th review of EFF programme which is expiring on June 30.

Last week, International Monetary Fund expressed dissatisfaction with Pakistan's recently presented budget.

Policy talks are underway with Pakistan. However, draft FY24 budget 'misses' an opportunity to broaden tax base in more progressive way, Esther Perez Ruiz, International Monetary Fund's resident representative for Pakistan said.

Esther Perez Ruiz added that long list of new tax expenditures further reduces fairness of tax system and undercuts resources needed for vulnerable recipients in Benazir Income Support Programme.

Published in The Daily National Courier, June, 19 2023

Like Business on Facebook, follow @DailyNCourier on Twitter to stay informed and join in the conversation.