Connect with us

Hi, what are you looking for?


Pakistan returns MEFP draft to IMF

Pakistan has handed over the draft of the Memorandum of Economic and Fiscal Policies (MEFP) to the IMF after settling basic issues.

Pakistan returns MEFP draft to IMF
The International Monetary Fund (IMF) and Pakistan resumed their virtual talks on Tuesday as Pakistan returns MEFP draft to IMF

ISLAMABAD: The International Monetary Fund (IMF) and Pakistan started virtual negotiations in response to the Fund’s proposed Memorandum of Economic and Financial Policies (MEFP).

Memoranda of Economic and Financial Policies are prepared by the member country in consultation with the IMF. A memorandum outlines the measures that a government wants to undertake as part of its request for IMF financial assistance.

Pakistan returns draft MEFP

“The Fund provided us the draft MEFP. Finance Secretary Hamed Yaqoob Sheikh said that “we have expressed our opinions on it and discussed it with them.” “Communications via email has continued, but now the virtual interaction will begin.”

According to him, the Pakistani government was working with the IMF to “expeditiously complete” earlier measures and promises.

The economic coordination committee (ECC) has already authorized changes to electricity and prices as well as enhanced funding for the Benazir Income Support Programme (BISP) to accommodate inflation, according to the finance secretary.

He continued, “Other permissions are anticipated to be finished in the cabinet meeting today.

In-depth negotiations lasted 10 days in Islamabad between January 31 and February 9 between Pakistan and an IMF delegation. However, no agreement could be reached.

The IMF later clarified, however, that both parties had consented to maintain communication. Additionally, “virtual conversations will continue in the next days to clarify the implementation specifics” of the measures negotiated in Islamabad.

Read more: Consular section of the Chinese embassy in Pakistan temporarily shut down

The MEFP is a crucial document that outlines all of the requirements and procedures. Moreover, it outlines policy directives upon which the two parties proclaim the staff-level agreement.

The two parties discussed the proposed policy measures after sharing the draft MEFP. After the discussions, a staff-level agreement is signed and sent to the Executive Board of the Fund for approval.

Read more: Dar Says MEFP Draft Received From IMF

Sara Tayyab
Written By


Islamabad police register criminal cases against PTI leaders, and activists for vandalism at judicial complex ISLAMABAD: Islamabad police registered criminal cases against PTI leaders...


IMF’s cat of ‘long-range missiles’ is out of bag: Dar snubs demand to end Shaheen-III missiles ISLAMABAD: Finance Minister Senator Muhammad Ishaq Dar has...


When fans become so obsessive that the line between the actor and the character they play becomes blurred, it can lead to fanaticism. Actor...


Pakistan-China vow to strengthen their bilateral ties at BPC in Beijing ISLAMABAD/BEIJING: Pakistan and China vowed to further strengthen their bilateral ties at a...