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Pakistan secures much-awaited deal with IMF

International Monetary Fund (IMF) Headquarters in Washington. — AFP

After days of uncertainty over the revival of the stalled International Monetary Fund’s (IMF) Extended Fund Facility (EFF), Pakistan on Wednesday morning successfully secured the much-awaited deal with the global money lender, Geo News reported, citing finance ministry sources.

Sources said that the deal was struck after the Government of Pakistan took measures to satisfy the terms and conditions laid forth by the IMF for the resumption of the $6 billion loan programme

The body, per sources, also agreed on the steps taken by Pakistan for the budget for the upcoming fiscal year 2022-23, while it also accepted the country’s budget targets. 

Following the deal, the chances for the revival of the loan programme are “very bright,” finance ministry sources said.

The latest development comes a day after the Federal Minister for Revenue and Finance Miftah Ismail had indicated the revival of the agreement with IMF within a day or two.

“I am very hopeful that the IMF programme will be revived soon,” the finance minister had said while speaking to journalists.

According to the sources, a communique in this regard will be issued soon.  

Following the downward trend of the Pakistani rupee against the US dollar, the recent agreement with the global lender was of utmost importance to steer the country out of the ongoing economic crisis.

To meet the conditions of the IMF, the government had to take some tough measures, such as banning the import of certain items and removing subsidies that resulted in an unprecedented hike in POL [petrol, oil, lubricants].

More to follow. 

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