Finance Minister Ishak Dar leaves for the United States.
Islamabad (Dunya News) – Finance Minister Ishak Dar left for the United States (US) on Tuesday for talks with the International Monetary Fund (IMF) and the World Bank (WB).
The finance minister will meet with international lenders for a review of the microeconomic framework for 2022-23 amid devastating floods in the country, according to details.
Pakistani officials said a reduction in the fiscal deficit and current account deficit targets would be required. Talks on freezing the petroleum development tax (PDL) and fuel price adjustment (FPA) are also expected.
A day earlier, the newly-appointed finance minister said on Sunday that Pakistan would fulfill its promise with the International Monetary Fund (IMF) and successfully complete a second program during his term.
The central bank of Pakistan also cut its key policy rate to 15% on Monday, a day after Moody’s lowered Pakistan’s sovereign credit rating by one notch from B3 to Caa1, citing increased government liquidity and external vulnerability risks. I left it at
It was the central bank’s first policy decision since floods this summer killed more than 1,700 people and caused an estimated $30 billion in damage.
GDP growth in fiscal year 2023 could slow to around 2% compared with previous projections of 3-4% before the floods, according to a central bank statement.
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