ISLAMABAD, 18 October 2021, (TON): Pakistan and the International Monetary Fund (IMF) have again failed to reach a staff-level agreement at the scheduled time because of differences over the macroeconomic framework and deepening uncertainty over the future roadmap of the economy.

The fresh round of talks from October 4 to 15 for the release of the $1 billion loan tranche and receiving a good economic health certificate remained inconclusive.

The talks failed despite Pakistan having implemented a prior condition of increasing electricity and petroleum products prices. However, both sides have shown resolve to remain engaged.

In his attempts to conclude talks on a positive note, Finance Minister Shaukat Tarin (whose tenure expired on Friday) met with IMF managing director Kristalina Georgieva and US Assistant Secretary of State for South and Central Asia Donald Lu. However, it seemed both these meetings also remained unproductive.

Teresa Dabán Sanchez, the outgoing resident representative of the IMF told media “the IMF team remains engaged with our Pakistani counterparts on moving forward our work agenda and we are looking forward to our continued discussions with the Pakistani authorities on the set of policies and reforms that could form the basis for the completion of the 6th review under the EFF [Extended Fund Facility].”

It was for the second time that Pakistan and the IMF could not find “basis for the completion of the 6th review”, as its first attempt made in June also remained futile.