CONTINUED from page 1 – Similarly, the IMF sought a timeframe for inducting professional management in DISCOs and GENCOs. They also expressed reservations that the benchmarks agreed with the fund in September 2008 for the reform of PSEs had not been implemented. The government was continuously borrowing from the commercial banks to keep afloat the non productive PSEs, which had created a non conducive environment for private investments. The government team briefed the IMF officials on the ecisions of the Cabinet Committee on Restructuring, but the fund staff took the stance that without a clear blueprint on implementation, they would not be of any help.
The source said issues regarding revenue collection had reached a settlement, as the government had already given a stern warning to tax authorities to take all steps to achieve the revenue collection target of Rs 1,604 billion in the current fiscal year.
The source said talks with the IMF would conclude positively, and the finance team had taken the consent of the political leadership on implementing reforms plans within the current fiscal year.
Circular debt, PSEs’ reforms
