6th review of EFF to be presented to IMF board on Jan 12

The Ministry of Finance said on Thursday that the sixth review of the Extended Fund Facility (EFF) would be presented to the International Monetary Fund (IMF) board on January 12.

The spokesman of the ministry shared this development through a tweet, “I am pleased to confirm 6th review will be presented to IMF Board on 12th January, 2022”.

While talking to Business Recorder, he said that the government has finalised strategy to push through the parliament a mini-budget or supplementary finance bill designed to make adjustment in rates of sales tax and withdrawal of exemptions to comply with prior action of the IMF for taking the review to the fund’s board meeting.

Responding to a question, he said that the adviser is expected to be made full-fledged minister (today) after he would be administered oath by the president.

A senior official of the Finance Ministry said that the IMF was not ready to accept ordinances as prior action for removal of tax exemptions and the State Bank of Pakistan (SBP) Amendment Bill and wanted approval of the bills by the parliament as prior actions.

Thus, the government is required to push the bills through the parliament to ensure submission of sixth review to the Fund Board.