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Pakistan has reportedly succumbed to the International Monetary Fund (IMF) pressure and accepted most of its conditions.

Read: Digital banking plan to be approved within a month: SBP deputy governor

According to a report, the impression that talks with IMF have failed is incorrect. Islamabad has actually “agreed” to comply with the IMF’s new conditions, including an increase in tax revenue, and ensure the implementation of a privatization programme to secure the donor’s loan programme.

The spokesperson said dialogue with the IMF team is still underway, adding that a formal announcement on it will be issued as soon as talks conclude.

The government will have to take measures to increase tax revenue, he said, adding that the IMF has rejected the ministry’s plan and imposed conditions that would see an increase in interest rates and fixing the market rate of the dollar. The IMF board will make the final announcement regarding the loan program, added the spokesperson.

Read: $1 billion tranche, Pakistan’s talks with IMF fail again

Earlier, it was reported that a deadlock had persisted between Pakistan and the IMF as the global lender had put forward harsh conditions for the release of stalled loan, asking Islamabad to undo unnecessary tax holiday facility and raise the tax collection to Rs 6,000 billion.

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