IMF’s tough norms for Pak to revive $6 bn loan facility

Imran sold 3 gifted watches for Rs 36M

Islamabad, June 29: The IMF has set tough preconditions like hiking electricity tariffs and imposing a levy on petroleum products to revive the stalled $6 billion bailout package to Pakistan, media reports said on Wednesday, days after the cash-strapped country struck a deal with the global lender on the much-needed loan facility.

The International Monetary Fund has also asked Pakistan to set up an anticorruption task force to review all the existing laws that were aimed at curbing graft in the government departments, the reports, quoting sources as saying.

After implementing the conditions, the IMF would present Pakistan’s request for the approval of the loan tranche and revival of the programme to its executive board — a process that may consume another month, the Dawn newspaper reported. The new conditions set by the IMF includes increasing electricity tariffs.

Islamabad, June 29: Pakistan’s ousted Prime Minister Imran Khan earned Rs 36 million by illegally selling three watches gifted to him by foreign dignitaries to a local watch dealer, according to a media report on Wednesday.

According to the details of an official inquiry shared with Geo News, Khan during his tenure as Prime Minister earned millions of rupees from these jewel-class watches collectively worth over Rs 154 million. The watches were gifted to him by foreign leaders.

The most expensive watch — more than Rs 101 million value — was retained by the-then Prime Minister at 20 per cent of its value after his government amended the Toshakhana rules and settled the gift retention price at 50 per cent of its original value, the report said.

Geo News reported that these watches were in addition to the sold Toshakhana gifts reported earlier in the media.

According to Pakistan’s law, any gift received from dignitaries of a foreign state must be put in the state depository.