In addition, Jamaica's fiscal position, macroeconomic parameters and external liquidity are expected to improve further following its
standby agreement with the IMF.
Mohsin Khan was a director of IMF in November 2008 when Pakistan negotiated a
standby agreement with the multilateral lending agency.
He admitted that the VAT mode of taxation was one of the conditions of International Monetary Fund (IMF) under
Standby agreement, however added that its implementation was subjected to the approval of National Assembly.
Manufacturers already burdened with tax and rising fuel costs under the low-defunct IMF
standby agreement, have called on the government to negotiate new rates with banks to stop the crisis from spreading into other sectors.
Under the
standby agreement which the government had to undergo after suspension of the Extended Structural Adjustment Facility (ESAF) by IMF, due to the government's failure to meet the IMF imposed conditionalities.
Nick Parkhouse, senior director financial institutions structured finance at RBS added, We were impressed that Crown Mortgage Management thought about the need for a
standby agreement from both the lender s and the funder s perspective.
2 billion tranche as a
standby agreement for Pakistan.
The delegation of IMF was scheduled to hold talks with Pakistani officials under a
Standby Agreement and supposed to participate in several meetings to review Pakistans economic situation.
Ankara's backsliding on earlier promises of structural reform under a $4 bn IMF
standby agreement set the stage for a crisis triggered at end-2000 by worries about the banking system.
At beginning, the nature of the
standby agreement is cold, however, should certain causes occur, the deal can change to warm, thus placing Crown in a higher state of readiness to be invoked.
