Pakistan, IMF agree 'social protection' is top budgetary priority.
WASHINGTON -- Officials from the International Monetary Fund (IMF) are viewing Pakistan's budget for 2022-2023 as a document which contains points for further negotiations on resuming an IMF package for Islamabad.
On Friday, Pakistan unveiled a $47 billion budget for 2022-23, which includes several fiscal consolidation measures that Islamabad hopes will convince the IMF to resume the much-needed bailout payments to the country.
Diplomatic sources in Washington say that at the staff-level talks, held in Doha last month, the IMF and Pakistan reached an understanding on several key issues, such as withdrawing subsidies and increasing the tax collection.
Sources said one of the key points on which both sides found themselves in agreement was social protection, i.e. reducing the impact of austerity measures on the poor. 'IMF officials acknowledge that some of these measures can hurt the poor and are ready to work with Pakistan to reduce the impact,' one of the sources said.
Fund working with Islamabad to reduce impact of austerity on country's poorest classes
After the first round of talks with IMF officials in Washington in April, Finance Minister Miftah Ismail had hinted at issuing fuel passes for vehicles used by the common people or for public transport.
'The negotiators can also work on reducing the impact on essential commodities, such as food items,' another source said. Even the price of locally-produced essential commodities can go up when fuel prices are increased.
Similar arrangements could also be made for the power sector to protect low-end consumers, one of the sources said, pointing out that the IMF views such measures as 'social protection' and would be ready to help the government in doing so.
The sources also rejected media speculation that the IMF would not negotiate with an interim government. 'The IMF will have no problem in dealing with an interim government, if the steps they negotiate can be implemented within their tenure,' one of the sources said.
Another source said that 'the...
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