IMF SBA: nine-month extension sought, says Hafeez

Pakistan has requested the International Monetary Fund (IMF) for nine months extension in $11.3 billion Stand-By-Arrangement (SBA) programme, expiring officially on December 13, to comply with the performance criteria to qualify for remaining two instalments of $3.4 billion.
Talking to media after attending the function organised in connection with anniversary celebrations of the accession of founder of the State of Qatar, Finance Minister Dr Abdul Hafeez Sheikh said: "We have requested nine months extension in the IMF SBA programme". The IMF programme was suspended from May 2010 due to failure of the government to comply with major and critical conditions of implementation of RGST and reforms in power sector.
To a question as to when he expects the IMF Executive Board meeting to consider Pakistan's request, he said the request for extension would not be a separate agenda item of the meeting. To another question about briefing to the political leadership on RGST, the minister said this is ongoing process and the government was taking them into confidence on the economic situation of the country and it was agreed during the last meeting with Pakistan Muslim League (N) Quaid Nawaz Sharif to hold another meeting in next few days. The meetings with the political leadership are being held on current economic situation and to discuss ways and means to resolve it.
In reply to a question about the approval of Reformed General Sales Tax (RGST) from the National Assembly, Hafeez Sheikh said after the presentation in the National Assembly, the bill has become the property of the House and decision about its future would be taken by it. The minister said Qatar is brotherly Islamic state and there are special areas where both Pakistan and Qatar can cooperate. He said Pakistan was proud of the achievements of Qatar.
The great number of politicians belonging to all the political parties attended the anniversary of the accession of Sheikh Jasim Bin Muhammad Bin Thani, the founder of the State of Qatar. Among the politicians and ministers who attended the function included Minister for Labour Manpower, Syed Khurshid Shah Minister for Information Qamar Zaman Kaira, Minister for Law and Parliamentary Affairs Dr Babar Awan, Raja Zafar ul Haq of Pakistan Muslim League, Gohar Ayub of Pakistan Muslim League (Q) and Ejaz ul Haq of All Pakistan Muslim League.