IMF has been asked to extend the value and duration of the loan program.

 IMF has been asked to extend the value and duration of the loan program.

 Finance Minister Muftah Ismail briefs officials on the government's priorities for financial matters (Photo: Twitter, PML-N)

 Finance adviser Muftah Ismail has said that the government will have to make difficult decisions to get the country out of the current economic crisis.

 Speaking at a press conference in Washington on Sunday with Minister of State for Finance Dr. Aus Pasha and Ambassador of Pakistan Masood Khan, Muftah Ismail said that we have requested the International Monetary Fund to increase the value and duration of the loan program.

 "The IMF has largely agreed and will work out the details with the IMF mission."

 "Our target is to maintain the IMF program this year and expand it next year," he said.

 Muftah Ismail said that there is no chance of Pakistan's default.

 Muftah Ismail said that Imran Khan was bound to fulfill the commitment made by the government.  "Those commitments do not belong to Imran Khan but to the government of Pakistan."

 Muftah Ismail said there was no chance of raising the tax rate this year.

 An IMF delegation will visit Pakistan in May

 Earlier, the finance ministry had said that an IMF mission would visit Pakistan in May to discuss with the Pakistani authorities the subsidy on petrol and electricity provided by the previous government.

 It may be recalled that a Pakistani delegation led by Finance Advisor Muftah Ismail is currently in Washington for talks on a stalled ballot-out package with the International Monetary Fund.

 A statement issued by the Foreign Ministry on Sunday said that the Pakistani delegation had met with officials of the International Monetary Fund.  Among them were Deputy Managing Director Antonet Siah, Director MCD Jihad Azor and Chief Mission Nathan Porter.

 According to the statement, Muftah Ismail mentioned the government's priorities and efforts in financial matters while also briefing on the efforts being made to avoid the effects of fluctuations in oil prices in the world market.

 The Pakistani delegation also discussed the completion of the Seventh Review.

 The Pakistani delegation was assured of cooperation by IMF officials.

 The statement also said that an IMF delegation led by Mission Chief Nathan Porter would visit Pakistan in May.  The delegation will discuss the subsidies given by the previous government on petrol and electricity.

 The delegation also met with other officials, including World Bank Managing Director Axel von Trotsenberg, Vice President Hartwig Schaefer.

 The meetings discussed the progress of projects other than the ongoing loan program, as well as opportunities for further cooperation.

 The head of the Pakistani delegation Muftah Ismail thanked the bank officials for their cooperation while MD Operations also assured Pakistan of full cooperation.

 Finance Minister appeals for help from World Bank for economic reforms

 Muftah Ismail had expressed his desire for assistance in economic reforms in the country during a meeting with World Bank officials in Washington on Saturday.

 It may be recalled that Muftah Ismail had on Friday hinted at raising the prices of petroleum products in the country and said that the IMF was demanding an end to subsidies on petroleum products.