Updated on
Summary
The International Monetary Fund (IMF) and Pakistan have broadly agreed on a macroeconomic framework, including a revised 2010-11 budget deficit target to rein in inflation and aid flood rebuilding.The IMF said it was committed to further talks with Pakistan to complete its review of the country's performance under an $11 billion loan program, which will lead to the release of about $1.13 billion in funds for the country. The emergency IMF loan was agreed in November 2008. Pakistan needs all the financial help it can get since devastating flooding caused nearly $10 billion in losses for the country, which is also battling a Taliban insurgency. The Fund has been concerned with the slow implementation of the general sales tax and ending energy subsidies. Pakistani official said that talks with the IMF would resume on November 13.
