Pakistan should shift deposits of Rs2,900bn into Federal Consolidated Fund: IMF

The International Monetary Fund (IMF) has expressed serious concerns over Pakistan's failure in operationalising the Treasury Single Account (TSA-1) under which Islamabad had to close down the accounts of federal and provincial governments into private commercial banks with whopping deposits of Rs2,900 billion. The IMF hinted at bringing attached autonomous bodies and entities, including those belonging to the Ministry of Defense and the armed forces, as part of the structural benchmark of $6 billion Extended Fund Facility (EFF). Under the Treasury Single Account (TSA)-1, Pakistan already agreed with the IMF…