Even after funding from Saudi Arabia and the Emirates, Pakistan still faces difficulties in signing an agreement with the IMF

Even after funding from Saudi Arabia and the United Arab Emirates, Pakistan is facing difficulties in getting a staff-level agreement with the International Monetary Fund (IMF).

Sources of the Ministry of Finance say that Saudi Arabia has verbally informed about funding 2 billion dollars, while Pakistan needs 3 billion dollars in funding.

According to the sources, Ishaq Dar will contact the UAE leadership before leaving for America on April 10. Finance Minister Ishaq Dar may also stay in UAE for a day.

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Sources say that the IMF is still objecting to Rs 900 billion annual subsidy for various sectors, the IMF is adamant on the demand for further increase in the interest rate based on inflation.

Sources in the Ministry of Finance say that the IMF wants the interest rate to be fixed in proportion to inflation, the IMF has also demanded to meet the shortfall of petroleum levies and taxes.