• No additional revenue measures imposed; fiscal targets to be maintained through expenditure control
• MEFP still being finalised ahead of staff-level agreement
• IMF Executive Board approval expected by early next month

ISLAMABAD: Pakistan and the International Monetary Fund (IMF) on Friday concluded the first biannual review of the $7 billion Extended Fund Facility (EFF) on a positive note, without imposing additional revenue measures.

Instead, the government committed to maintaining fiscal targets through expenditure controls, particularly the development programme.

Official sources, however, confirmed that the draft of the Memorandum of Economic and Fiscal Policies (MEFP) was still being finalised before the formal announcement of a staff-level agreement (SLA). This would be followed by IMF’s Executive Board approval for the disbursement of about $1.1bn by early next month.

Therefore, both sides remained silent on the conclusion of talks, although Finance Minister Muhammad Aurangzeb, during the course of a wrap-up meeting........

© Dawn Business