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).
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.
Quetta Town is a residential neighbourhood located in the vibrant city of Karachi, Pakistan. Known…
Akbar Chowk in Lahore stands as one of the city’s most critical intersections, serving as…
Khuda Baksh Colony, located near Bhatta Chowk in Lahore, is a rapidly developing residential area…
Gol Market in Karachi is one of the city's most iconic and bustling commercial centres.…
Model Town, located in the heart of Gujranwala, is one of the city’s most prestigious…
ISLAMABAD, Pakistan— In a major move to address the longstanding grievances of overseas Pakistanis, the…
Welcome to Graana Blog - Pakistan’s Smartest Property Portal!
For more than a decade our intention has been to revolutionise the real estate industry in Pakistan. The same belief drove the vision of our real estate team, Graana where quality beats quantity.
We have introduced an extremely transparent and purposeful portal where we will help you buy, rent or sell your property. A place where you can sit back relax and let us market your projects and listings. We believe we have set new standards for the future of real estate in Pakistan by providing the smartest property portal.
