[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]Pakistan is expected to sign a staff-level agreement with the International Monetary Fund (IMF) tomorrow.
According to sources, Pakistan has met 90% of the conditions for the IMF staff-level agreement.
According to sources, Pakistan has also cancelled the scheme that was supposed to bring $0.1 million into the country each year, and the interest rate has been raised by one percent. The basic interest rate has been raised from 21% to 22%.
The memorandum of economic and financial measures, which includes nine tables, has been given to the IMF, and the IMF’s financial experts will now analyse it, according to sources.
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According to the source, talks for the staff-level agreement will take place tonight, and Finance Minister Ishaq Dar will finalise the arrangement with the IMF.
Earlier, Federal Minister for Finance and Revenue Ishaq Dar stated that Pakistan has met all of the International Monetary Fund’s (IMF) requirements and that “no hurdle is now left” in the signing of a staff-level agreement.
He stated that the government has made a number of revisions to its fiscal 2024 budget in a last-ditch effort to reach an agreement with the international lender.
The federal government will raise another Rs215 billion in new taxes and slash Rs85 billion in spending for the fiscal year beginning next month, as well as a variety of other measures to reduce the fiscal imbalance, he added.
On the sidelines of the Global Financing Summit in Paris, Prime Minister (PM) Shehbaz Sharif met with IMF Managing Director Kristalina Georgieva.
During the discussion, the two discussed ongoing programmes and collaboration between Pakistan and the IMF. In a recent phone discussion on May 27, 2023, the premier informed Ms. Georgieva of Pakistan’s economic prognosis.[/vc_column_text][/vc_column][/vc_row]
