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Mission to visit Pakistan this month for new loan programme, IMF – Business & Economy

by Alexandra Hartman Editor-in-Chief
written by Alexandra Hartman Editor-in-Chief

The International Monetary Fund (IMF) has announced that a mission will visit Pakistan this month to discuss a new loan program.

According to Reuters, Pakistan completed a $3 billion short-term program last month that helped stave off defaults, but Prime Minister Shehbaz Sharif’s government has stressed the need for a new long-term program. Is.

The IMF said in an emailed response to Reuters on Sunday that it would “meet in May to discuss budgets, policies and reforms for the fiscal year 2024-25 under a potential new program for the well-being of all Pakistanis.” A mission is expected to visit Pakistan’.

Earlier, Finance Minister Mohammad Aurangzeb had said that it is hoped that a new loan program will be agreed with the IMF in May.

Pakistan is expected to discuss at least a $6 billion program and request additional financing from the IMF under the “Resilience and Sustainability Trust”.

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2024-05-06 05:38:35

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Economy

The schedule of negotiations between Pakistan and the IMF on the new loan program has been decided – Business & Economy

by Alexandra Hartman Editor-in-Chief
written by Alexandra Hartman Editor-in-Chief

The schedule of negotiations between Pakistan and the International Monetary Fund (IMF) on the new loan program has been fixed while the IMF mission will arrive in Pakistan on May 15.

According to the sources, following Pakistan has successfully completed the short-term loan program of 3 billion dollars, the schedule has been fixed between Pakistan and the International Monetary Fund (IMF) for negotiations on the new loan program.

According to the sources, the IMF mission will arrive in Pakistan on May 15 to discuss the new loan program. The parties will first have technical and then policy level talks. Pakistan has already applied to the IMF for the new loan program. has given

Sources in the Ministry of Finance say that the new loan program may be 6 to 8 billion dollars and the duration may be 3 years or more.

Pakistan has controlled inflation, government spending, reduced revolving credit, IMF

Sources say that it is inevitable to go to the new IMF program, increasing debt and debt repayment is a big challenge, it is necessary to stay in the IMF program till the increase in exports and local resource generation, to keep balance payments and reserves stable. It has been decided to go into the new program of the IMF.

According to the sources, the government will have to take more tough decisions to increase the prices of electricity and gas, increase the scope of taxes, and privatize loss-making institutions.

Ayesha Ghous said that the provinces have to be made functional according to the 18th Amendment.

Former Governor State Bank Shahid Hafeez Kardar also addressed the event.

Pakistan and Islamic Development Bank agree to complete various projects soon

He said that we are responsible for the stage we have reached today, our government has been like this for the last 45 years, we go to the IMF to cover the deficit, the pressure on our rupee is also the reason. has been since

He said that we have more expenses than collecting money.

Shahid Hafeez Kardar said that despite the eighteenth amendment, 43 divisions are working, pension arrears are up to twenty five billion, more than 1400 development projects of the government are going on, it took fourteen years to finish all these projects. will