Agreement to resume agreement with Pakistan: IMF
The International Monetary Fund (IMF) said in a statement that a staff level agreement had been reached with Pakistan, but that it had yet to be approved by the IMF board. The two countries have agreed to resume a stalled loan program that will add 1.17 billion to the troubled country’s economy. The IMF said in a statement that The staff level agreement has been agreed, but is yet to be approved by the IMF board. With this agreement, the amount of loan to be provided to Pakistan under the IMF Extended Fund Facility will reach 2 4.2 billion. That could increase to 7 billion and be extended to June next year. In a statement, Nathan Porter, head of the IMF team, said that Pakistan was “at a difficult economic juncture”. Earlier, Pakistan’s Finance Minister Muftah Ismail had said that talks between Pakistan and the IMF were complete and The fund is expected to announce a staff level agreement soon.
“Our talks with the IMF are complete, the fund is working on it internally,” Finance Minister Muftah Ismail told private Geo News on Wednesday night. It is hoped that an announcement will be made soon. ” I don’t think there’s much to talk about. He (the fund) had raised some issues which we resolved and managed to persuade him on some points. However, the IMF representative in Pakistan did not respond to a request for comment on the development. The IMF program was launched in 2019 but so far only half of the funds have been released to Pakistan as Islamabad has been facing difficulties in meeting the targets set by the international body. The last installment was paid in February this year. The next installment was to be released in March after review. However, due to the subsidy of petroleum product prices by the government of former Prime Minister Imran Khan, Pakistan could not implement this program. Pakistan’s new coalition government In accordance with the world market, the prices of petroleum products increased by 70% in three weeks. After the formation of the new government, when Muftah Ismail met with IMF officials in Washington in April, Pakistan increased the volume of the program. And demanded an extension.