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Pakistan agrees to reverse unfunded subsidies ahead of talks on IMF review

Pakistan agrees to reverse unfunded subsidies ahead of talks on IMF review

FILE PHOTO: International Monetary Fund logo is seen outside the headquarters building during the IMF/World Bank spring meeting in Washington, U.S., April 20, 2018. REUTERS/Yuri Gripas

ISLAMABAD: The International Monetary Fund (IMF) said on Monday (Apr 25) Pakistan agreed to reverse unfunded subsidies ahead of talks to resume the 7th review in May.

"We agreed that prompt action is needed to reverse the unfunded subsidies which have slowed discussions for the 7th review," the IMF said in a statement after discussions with the visiting Pakistani finance minister in Washington.

Pakistan has given over US$2 billion of subsidies to the oil and power sectors.

Source: Reuters/ng

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