NewsMine — war-on-terror — pakistan — 1999-coup-payoffs — Viewing Item

Imf crucial talks { December 2 1999 } Original Source Link: (May no longer be active)    http://news.bbc.co.uk/hi/english/world/south_asia/newsid_547000/547104.stm http://news.bbc.co.uk/hi/english/world/south_asia/newsid_547000/547104.stm http://news.bbc.co.uk/1/hi/world/south_asia/547104.stm Thursday, 2 December, 1999, 18:01 GMT IMF in crucial talks with Pakistan A team from the International Monetary Fund has arrived in Pakistan to discuss restarting the payment of loans to help the country's ailing economy. This is the first time the IMF has visited Pakistan since the military coup in October. The team, led by the IMF's director for the Middle East, Paul Chabrier, is to hold talks with Pakistani officials on an economic revival plan. They will also be told about economic reforms planned by the country's military ruler, General Pervez Musharraf, who has pledged to crack down on corruption and loan defaulters. A $280mn tranche of a $1.56bn IMF loan to Pakistan has been stalled because of concerns over the country's poor tax collection and rising debt. Talks between the IMF and the previous Pakistan government, led by deposed prime minister Nawaz Sharif, broke down after the Sharif administration's inability to take harsh measures suggested by the IMF. These included raising taxes and broadening the tax base, as well as increasing domestic fuel prices. Tough measures The previous government's attempt to impose a general sales tax was strongly opposed by the powerful trading community. The government has also had a long-running feud with independent power producers over tariffs. The dispute has led to threats from the IMF and World Bank to stop lending money to Pakistan. Soon after his military takeover, General Pervez Musharraf said one of his top priorities was to revive Pakistan's economy. He put in place a team made up of technocrats and civilians. A former New York banker was appointed as finance minister and a World Bank official placed at the head of Pakistan's central bank. And he set a deadline for defaulters to pay back millions of dollars of unpaid loans, or face arrest.

Cash for cooperation { October 6 2001 } Economic devastation { August 31 2000 } Imf crucial talks { December 2 1999 } Japan eases debt { September 27 2001 } New economic team { October 29 1999 } Pakistan receives more imf money { April 11 2002 } Us pays 300m Wins imf cash { September 26 2001 } World bank chief wolfowitz praises pakistan economy { August 17 2005 } Files Listed: 9

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