Pakistan's $6B Refinery Policy Delay Holds Up IMF Talks
Pakistan is facing delays in implementing a crucial petroleum refinery policy, holding back around $6 billion in investments. Meanwhile, it's grappling with revenue shortfalls and discussing corrective measures with the IMF to meet 2025 targets.
Pakistan has started formal talks with the IMF to review its $7 billion Extended Financing Facility and $1.1 billion sustainability package. The discussions come as the country aims to meet its end-December 2025 targets. However, revenue collection has fallen short by Rs 1.2 trillion, equivalent to nearly 1% of its GDP. Despite this, most power sector targets have been achieved.
A key sticking point in Pakistan's economic progress is the delayed implementation of the brownfield petroleum refinery policy. This policy, which has stalled about USD 6 billion in fresh investment, is now being raised with the IMF. The IMF mission will also discuss accelerating the implementation of the 2025 targets with Pakistani authorities.
Pakistan's IMF talks are focused on addressing revenue shortfalls, meeting targets, and pushing forward the stalled petroleum refinery policy. The latter is crucial for unlocking billions in investments and boosting the country's refinery sector.
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