BISINISS WORLD NEWS

ISLAMABAD: Government has formed a four-member committee to take up more recommendations with IMF on Sunday, Geo news reported.

The committee has been directed to finalize recommendations latest before return of Prime Minister Syed Yusuf Raza Gilani, which will be discussed with IMF during next round of talks.

According to sources, the committee comprised of Federal Ministers Raja Pervez Ashraf, Syed Naveed Qamar, Advisor to PM Abdul Hafeez Sheikh and Governor State Bank of Pakistan.

The committee will present before IMF recommendations to woo it not to hike electricity tariff besides briefing over the running loans on various national institutions.

It may be mentioned, IMF demanded Pakistan government to cut 0.5 percent of fiscal deficit from 6.5 to 6.0 percent of the current financial deficit.

It also urged government to increase electricity tariff and to charge proposed Value Added Tax (VAT) surcharge to slash 0.5 percent from prevailing fiscal deficit.

Already the IMF has handed Pakistan 6.54 billion dollar loan from its pledged 11.20 billion dollars while after receiving fifth trench of the loan worth of 1.20 billion dollars, the aggregate value of loan will become 7.74 billion dollars.

Sources said, next round of talks is likely to be held in forthcoming month whereby the government may seek two trench of loans together, subject to acceptance of Pakistan’s recommendations.