Pak-IMF meeting to discuss next tranche of loans on 28th: Tarin

[Naveed Yaseen]

ISLAMABAD: Pakistan and International Monetary Fund (IMF) would hold their next meeting on June 28 in Dubai to discuss the release of next tranche of loans and budgetary measures taken by Pakistan, Advisor to Prime Minister on Finance and Economic Affairs, Shaukat Tarin said here on Tuesday.

He was talking to media persons after giving a detailed briefing to the Senate Standing Committee on Finance and Revenue and Economic Affairs and Statistics on Finance Bill 2009-10.

Tarin said the meeting will discuss measures announced in the new budget regarding economic growth, borrowing from the central bank and fiscal deficit target.

In November 2008, Pakistan entered into a 23-month stand-by loan agreement with the IMF to finance approximately $7.6 billion to support the stabilization programme of the government.

Pakistan has asked the IMF for a $4 billion stand-by loan to finance the yawning budget gap in the year 2009-10 in case multilateral donors fail to release the pledged amount to Islamabad.

This facility is insurance, which can be used in case assistance from multilateral donors or friendly countries is delayed or does not arrive.

Earlier, briefing the senators, Shaukat Tarin said the government was determined to streamline the Federal Board of Revenue to make it taxpayer-friendly, adding that the board would ensure avoidance of harassment during audits.

To a question, he said that it was not possible to present a quarterly review of the economy before the parliament. However, he said the relevant standing committees of National Assembly and Senate could be given review presentations on quarterly basis.

On the occasion, committee members gave several proposals regarding sales tax and income tax, which the advisor welcomed, saying the board would be addressing all the issues through reformation.

To a question regarding why an amount of Rs690 million was earmarked for National Accountability Bureau when it was being dismantled, Secretary Finance Salman Siddique said that he would go through the documents to see why the allocations were increased.

Senator Ahmed Ali chaired the meeting which among others was attended by Senators Sughra Imam, Ishaq Dar, Dr Safdar Ali Abbasi, Ilyas Ahmed Bilor, Muhammad Talha Mehmood, Kulsoom Pervin, Prof Khurshid Ahmed, Haroon Khan, FBR Chairman Suhail Ahmed and representatives of State Bank of Pakistan and FBR.

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