IMF official terms progress 39;important39;
Pakistan finmin says fiscal, budget targets agreed
Minister expects IMF to up size, duration of bailout
ISLAMABAD, June 22 Reuters Key progress has been made in talks on the revival of Pakistan39;s International Monetary Fund bailout programme, both sides said on Wednesday, with Islamabad expecting the lender to increase the size and duration of the 39month, 6 billion facility.
The statements came as Pakistan39;s economy teeters on the brink of a financial crisis, with foreign exchange reserves drying up fast and the Pakistani rupee at record lows against the U.S. dollar as uncertainty surrounded the IMF programme.
Discussions between the IMF staff and the authorities on policies to strengthen macroeconomic stability in the coming year continue, and important progress has been made over the FY23 budget, Esther Perez Ruiz, the IMF39;s resident representative in Islamabad, told Reuters.
Pakistan unveiled a 9.5 trillion rupee 47 billion budget for 202223 this month aimed at tight fiscal consolidation in a bid to convince the IMF to restart muchneeded bailout payments.
However, the lender later said additional measures were needed to bring Pakistan39;s budget in line with the key objectives of the IMF programme.
The two sides held talks on Tuesday night and agreed on the budget and fiscal measures but still need to agree on a set of monetary targets, Finance Minister Miftah Ismail said.
He did not expect any hiccups in…