The Pakistan & IMF have reached an agreement for the release of a US$1 billion tranche, after the latter approved the budgetary adjustments for fiscal year 2022-23.
According to officials of the finance ministry, the Fund has agreed to the budgetary estimates set for the next fiscal year and the economic policies of the country. The IMF is expected to release a statement confirming the agreement between the two sides.
“The International Monetary Fund (IMF) will quickly launch a handout confirming the employees stage settlement between the 2 sides,” they stated.
International Monetary Fund (IMF) and finance ministry officials, led by Minister Miftah Ismail, held late-night talks yesterday. Sources within the Finance Ministry said today that Pakistani officials will brief the IMF about actions taken so far to revive the economy.
The International Monetary Fund (IMF) will be briefed that the federal government has completely eliminated subsidies on fuel, the sources said, and added that Pakistan will soon receive ‘good news’ from the IMF.
The federal finance minister expressed hope on Monday that the stalled International Monetary Fund’s program would be revived soon. He said that he was hopeful that an agreement with the global lender for the revival of the Extended Fund Facility would be reached within one or two days.
The minister also clarified that the International Monetary Fund (IMF) has no relation with the increase in salaries, and that the tax exemption for those earning below 1.2 million annually will remain in place.
The International Monetary Fund (IMF) is an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is “working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.