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Legislation regarding SBP's autonomy | Law Minister Farogh Naseem | IMF | World Bank | 17th November 2021

Shaukat Tarin outlines five actions demanded by IMF
ISLAMABAD: Adviser to the Prime Minister on Finance Shaukat Tarin has said Pakistan will have to complete about five “prior actions” before the Inter­na­tional Monetary Fund (IMF) calls a meeting of its board of directors to approve revival of its $6 billion Extended Fund Facility suspended in April this year.

Talking to journalists at the launch of Corporate Philanthropy Survey here on Tuesday, Mr Tarin said all issues with the IMF staff had been settled on the basis of which they gave “us a list of five prior actions” to complete so that they could call a board meeting on Pakistan’s case. “Don’t ask me [about] dates but IMF deal is done,” he added.

Mr Tarin said these prior actions included State Bank of Pakistan (Amendment) Bill, withdrawal of tax exemptions and increase in energy tariff. He said the action pertaining to tariff adjustment had already been met for now with a recent Rs1.39 per unit increase while bills to end tax exemptions and give autonomy to the SBP had been prepared. The next tariff increase would take place by February-March 2022.

Actions include SBP bill approval, withdrawal of tax exemptions, increase in energy tariff

The finance adviser said the two bills were being fine-tuned for finalisation by the Ministry of Law and Justice after the two sides completed discussions. When pointed out that the IMF board may meet on December 17 as earlier scheduled and then delayed until February, he explained that the IMF board could be called anytime provided prior actions were complete.


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