| GEO Business|
| Pak assures IMF of issuing sukuks worth Rs100b|
| Updated at: 1204 PST, Thursday, April 15, 2010|
ISLAMABAD: The government of Pakistan assured the International Monetary Fund (IMF) of issuing sukuk bonds worth Rs100 billion to take down the circular debts of various government departments, Geo News reported Thursday.
President Asif Ali Zardari also assured to play a role for Value-added Tax (VAT) in Sindh.
The IMF loan was increased to $11.3 billion in July last year and the central bank received a fourth tranche of $1.2 billion on Dec. 28.
The sources privy to Finance Ministry told Geo News that the government’s negotiations with the IMF for fifth tranche of $1.2 billion proved fruitful. Also, the working paper of the tranche would be presented to Pakistan in meeting of IMF’s Board of Directors on May 4 in Washington.
Two high officials from Federal Finance Ministry are expected to attend the meeting.
The sources further said Pakistan assured the IMF of bringing under control the fiscal deficit on receiving the Support Fund.