Issues between Pakistan and the International Monetary Fund (IMF) for the revival of the loan program have been resolved, after which an agreement has also been reached between the two.
According to the agreement reached between the two sides, the International Monetary Fund will provide 1.17 billion Dollar to Pakistan.
The International Monetary Fund (IMF) said in a statement that 1.17 billion پاکستان would be made available to Pakistan, but that Pakistan would have to strictly adhere to the current budget.
Following the necessary actions by the IMF, the successful completion of the seventh and eighth quarterly reviews of the stalled lending program was officially announced.
According to the statement, Pakistan will have to maintain a constant supply and demand exchange rate, along with a proactive monetary policy and improve the performance of government agencies, while the IMF statement said that global inflation and key decisions Delays in Pakistan's foreign exchange reserves dwindled, the economy grew so fast due to excess demand that there was a huge shortfall in foreign payments.
The statement also said export refinancing schemes would be linked to interest rates, while work was also being done to keep asset information online to curb corruption in Pakistan and will work to improve operations.
The statement also said that in view of the global situation, Pakistan should also be ready for additional measures. This fiscal year, Rs 364 crore has been earmarked for the Benazir Income Support Program while the Extended Fund Service Program until June 2023 consider increasing it.
"Our talks with the IMF have ended," Finance Minister Muftah Ismail said on Twitter.
Earlier on the deal, Muftah Ismail said that the IMF had given Islamabad a Memorandum on Economic and Fiscal Policies (MEFP) to which he responded. The IMF accepted some of the changes we had proposed. He disagreed on many other things.
It should be noted that Pakistan was part of the IMF program in the year 2019, but only half of the funds were released to it, because Pakistan faced challenges in achieving the desired goals under the agreement.
The last installment of the loan was released in February and the next installment was due in March, but former Prime Minister Imran Khan's government introduced unrealistic subsidies on fuel prices, hampering fiscal targets and the IMF programme.
