Pakistan will get final approval of financial package of International Monetary Fund (IMF) on July 03 as IMF’s Executive Board will finalize the deal in its meeting on July. 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. The IMF board will approve six billion bailout for Pakistan in three years under the extended fund facility.
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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14 September, 2019