Thursday July 14, 2022

Pakistan to soon receive $1.17b under agreement with IMF

Islamabad: Pakistan and International Monetary Fund have reached an agreement under which Pakistan will soon receive one point one seven billion dollars.

In a tweet on Thursday, Minister for Finance and Revenue Miftah Ismail said the agreement has been inked to complete the 7th and 8th reviews of Pakistan’s Extended Fund Facility.

According to a detailed statement issued by the IMF in this regard, the IMF Board will consider an extension of the Facility by end of June next year to support program implementation and meet the higher financing needs in Fiscal year 2023.

The IMF also issued policy priorities including steadfast implementation of the budget 2022-23, catch-up in power sector reforms, proactive monetary policy to guide inflation to more moderate levels, reducing poverty, strengthening social safety and governance.

The IMF team led by Nathan Porter, in its concluding remarks, said Pakistan is at a challenging economic juncture where high international prices and a delayed policy action resulted in large fiscal deficits that contributed to rising inflation and eroded reserve buffers.

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