Almost four-hour long meeting ended inconclusive amid frustration with the Washington-based IMF and the World Bank. The World Bank and the IMF has reached to a conclusion that Pakistan could not be offered new loans without first ensuring sustained policies for macroeconomic stability. Pakistan has committed to the IMF that there would be zero increase in the circular debt during the current fiscal year. If the IMF did not allow any adjustment then around Rs7.50 per unit tariff would have to be increased, they added. But this would require the endorsement of the IMF, which was not forthcoming until the government showed seriousness in taking concrete steps.
