Pakistan asks the International Monetary Fund to postpone meeting due to failure to cut spending | International News Business and Economy

The international agency was originally scheduled to meet on January 12 to consider allocating US$1 billion from Pakistan’s US$6 billion rescue plan.

Pakistan’s Ministry of Finance said on Monday that Pakistan has asked the International Monetary Fund (IMF) to postpone the board meeting considering the country’s sixth review until the end of January.

The meeting was originally scheduled to be held on January 12 to review the proposal to release $1 billion in assets. Pakistan’s $6 billion three-year plan.

However, Pakistan has so far failed to pass proposals for fiscal austerity measures related to the release of funds.

“Once the legislative process is completed, the IMF board of directors will consider approval,” the Ministry of Finance said in a statement, referring to the mid-year budget for cutting multiple tariff exemptions and introducing new revenue measures.

The legislation was submitted to parliament at the end of last month, but was strongly resisted by the opposition amid rising inflation and widening current account deficits.

Last week, the government expressed confidence that it will pass the budget later this month.