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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World IMF concerned about Pakistan economic reforms Reuters - 1 hour 27 minutes ago Send IM Story Print KARACHI, Nov 2 - The International Monetary Fund has expressed concerns about Pakistan's slow implementation of energy sector reforms and a revised general sales tax, officials said on Tuesday. IMF and Pakistani officials are meeting in Islamabad to discuss the possible release of the sixth tranche of an $11 billion emergency loan agreed in November, 2008, which has kept the economy afloat. Talks end on Tuesday. "Though things are not very good, it is still too early to say whether the sixth tranche is in danger," said an official source. If the IMF does not approve the release of the sixth tranche other donors would be hesitant to provide aid or loans to as well, which would threaten Pakistan's economic stability. "Staying in the IMF programme has a lot of signalling value to other donors, that the country is on the right track and is subject to quarterly reviews," said Asif Qureshi, director at Invisor Securities Ltd. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ For more Pakistan stories click [ID:nAFPAK] or see http://link.reuters.com/kac58m Pakistan blog: http://blogs.reuters.com/pakistan/ ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> The reforms are politically sensitive for the unpopular government which faces a host of problems including a stubborn Taliban insurgency. The task of securing foreign aid has become more urgent since devasting summer floods which caused $9.7 billion in damages. Failure to enact the reforms could undermine efforts to secure reconstruction aid and pile more pressure on the economy, which was already fragile before the disaster. The last IMF review was completed in May and the review for the release of the sixth tranche has been delayed since August over several issues, such as an increase in power tariffs and the implementation of a reformed general sales tax . The IMF wants Pakistan to do four things: introduce an RGST along the lines of a value-added tax to increase the tax base; reform the electricity sector to eliminate subsidies; resolve circular debt and address the quasi-fiscal implications of commodity credit. Pakistan said in June that it would replace its general sales tax by the RGST by Oct. 1, but that deadline has slipped to Dec. 1. Pakistan has agreed to raise electricity tariffs by around 2 percent a month, according to official sources, to try to eliminate its spending of $2 billion annually on power subsidies. (For more Reuters coverage of Pakistan, see: http://www.reuters.com/places/pakistan) Recommend Send IM Story Print Related Articles BRIEF-Garanti Bank confirms stake sale to BBVA Reuters - 30 minutes ago TEXT-India cbank's Q2 monetary policy review statement Reuters - 30 minutes ago Asia Crude-India's BPCL seeks Jan sweet grades Reuters - 34 minutes ago Kiri Dyes buys DyStar's US ops for $10 mln Reuters - 38 minutes ago Harley says to set up India assembly facility in Haryana Reuters - 39 minutes ago News Search Top Stories Troubled actor Charlie Sheen files for divorce Britain, Germany tighten air security after bomb plot Mandatory curbs on salt boost healthy hearts: study Fed set for momentous move to prime US economy G20 leaders must fix financial sector: IMF chief More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Alcohol more harmful than heroin, crack cocaine: study Will he be back? Arnie mulls California termination Woods upbeat despite losing golf's No. 1 spot Pot shot: California to vote on legalizing marijuana Italian jackpot record picked up More Most Viewed » Time, like all good things, may come to an end: study Alcohol more harmful than heroin, crack cocaine: study Spectacular unknown species found in Amazon Iranian chocolate thief 'to have hand chopped off' Ancient galaxy is more than 13 billion light years away More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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