Everyday News

Pakistan reaches staff-level agreement with IMF on revised programme

ISLAMABAD: The International Monetary Fund (IMF) and Pakistan have reached a staff-level agreement to complete the combined 7th and 8th reviews of Pakistan’s Extended Fund Facility (EFF). 

invest with imarat

Islamabad’s emerging city centre

Learn More

The agreement is now pending approval by the IMF’s Executive Board, according to a statement issued by the IMF. Under the agreement, a loan disbursement of $1.177 billion will be released, bringing the total disbursements under the programme to $4.2 billion.

The IMF states that to meet the country’s higher financing requirements in the fiscal year 2022-23, the Executive Board will consider an extension of the EFF till the end of June 2023.

A major contributory to the agreement was the country’s compliance with the IMF Board in the form of raising fuel prices. Moreover, taxes on salaried individuals were also increased in order to satiate the global lender’s demands.

Announcing the agreement, Finance Minister Miftah Ismail thanked the Prime Minister, the Ministers, and the finance division for their stringent efforts in garnering this deal with the IMF. 

It is expected that this agreement will reduce the country’s looming default risk, help strengthen the rupee, and improve market conditions. However, a wave of inflation is also expected with the execution of this agreement.

Ahmed Rehan

An editor and writer at Graana.com, Ahmed Rehan Nasir has a passion for creating engaging and informative content. With years of experience in the industry, Rehan has honed his writing skills and developed a deep understanding of SEO practices, crafting content that resonates with diverse audiences.

Recent Posts

Garha Mor: A Notable Landmark in Vehari City

Garha Mor, a notable landmark in Vehari, Punjab, Pakistan, is significant in its location, accessibility,…

1 day ago

Aslam Market Wah Cantt: Pleasure of Shopping & Dinning

Located in the center of Wah Cantt, Aslam Market is a vibrant commercial hub that…

2 days ago

Abid Market Lahore: An Iconic Shopping Landmark

Located in the bustling heart of Lahore, Abid Market is a landmark shopping area well…

3 days ago

CDA Chairman Urges Rapid Completion of Major Islamabad Interchanges

ISLAMABAD, Nov 16 (APP): The Chairman of the Capital Development Authority (CDA), Muhammad Ali Randhawa,…

3 days ago

IMARAT Announces Launch of Pakistan’s Largest Sharia-Compliant REIT – A New Era of Real Estate Investment

Islamabad, Pakistan— IMARAT Group, a leading real estate developer and innovator in Pakistan, announces the…

3 days ago

Amma Tower: A Landmark in Urban Living & Commerce

Amma Tower, located in the bustling area of Saddar in Karachi, is a unique blend…

4 days ago