ISLAMABAD: Federal Finance Minister Muftah Ismail has said that an agreement has been reached between Pakistan and the International Monetary Fund (IMF). “IMF to provide 1.17 billion Dollars to Pakistan, Agreement reached”
Finance Minister Muftah Ismail said in a statement on Twitter that Pakistan would soon receive 1.17 billion for the seventh and eighth reviews.
The Finance Minister further said that he was grateful to the Prime Minister, his fellow ministers, secretaries and especially to the Finance Division for providing assistance and cooperation in this regard.
IMF to provide 1.17 billion Dollars to Pakistan, Agreement reached
A statement issued by the IMF said that the seventh and eighth review issues have been settle but the IMF board will give final approval to the agreement.
Pakistan needs to maintain a consistent demand-based exchange rate,
as well as proactive monetary policy and improve the performance of government agencies.
According to the IMF statement, global inflation and delays in important decisions have reduced Pakistan’s foreign exchange reserves.
Due to excess demand, the economy has accelerated so much that there has been a huge deficit in external payments.
Pakistan will have 1.17 billion available, but Pakistan will have to adhere strictly to the current budget.
The IMF further said that the provinces have given assurances to limit the budget deficit.
Export refinancing schemes will remain linked to interest rates.
In order to control corruption, work is underway in Pakistan to disclose assets electronically.
The government of Pakistan will work to improve the effectiveness of anti-corruption agencies, including the NAB.
According to the IMF, in view of the global situation, Pakistan will also have to be ready for additional measures.
This financial year, 364 billion has been s-et aside for the Benazir Income Support Program.
The Extended Funds will consider extending the facility program to June 2023.
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