Pakistan's talks with IMF over bailout package hit a snag: Report

Islamabad, Feb 9 (PTI) The cash-strapped Pakistan government's talks with the IMF to secure a bailout package to avert a nearing sovereign default hit a snag as the two sides remained short of concluding external financing estimates and precise domestic fiscal measures, according to a media report on Thursday.

A clear roadmap on external financing and domestic budgetary steps, coupled with substantial energy cost adjustments, should have led to sharing of a draft Memorandum of Economic and Fiscal Policies (MEFP) by the visiting International Monetary Fund (IMF) mission with the authorities at least a day before scheduled conclusion of talks on February 9, reported the Dawn newspaper.

“As of Wednesday night, we have not received the draft MEFP,” said a senior government official, adding Fund’s “reservations on final plan of action both in terms of fiscal measures and external funding sources were still there”.