A crucial meeting session of Executive Board of International Monetary Fund (IMF) will take place in Washington on Wednesday (July 3) where the gathered officials will come up with their final regarding loan agreement with Pakistan.
According to sources, the international organization is likely to have consensus on issuing the loan to Pakistan since the country has fulfilled the proposed conditions which were agreed in staff-level talks. From Pakistan side, Adviser to Prime Minister on Finance and Revenue Dr. Hafeez Shaikh, along with his financial team will sign an agreement with the IMF.
Under the agreement, Pakistan will get six billion dollars in three years, while an additional amount of two to three billion dollars may likely come from World Bank and Asian Development Bank on less interest rate. The program aims to support the authorities’ strategy for stronger and more balanced growth by reducing domestic and external imbalances, improving the business environment, strengthening institutions, increasing transparency, and protecting social spending.
The government has already fulfilled all IMF’s conditions before signing of agreement. The government in its budget proposals for the next financial year has added Rs. 357 billion loan from the IMF.
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