Pakistan, IMF deal likely this week, claims minister

ISLAMABAD     -    Federal Minister for Commerce, Syed Naveed Qa­mar said on Wednesday that the International Monetary Fund (IMF) was likely to announce its staff level agreement on Extended Fund Facility (EFF) with Pakistan by this week.

“Pakistan has taken all the measures needed to unfreeze a $6.5 billion credit line and expects to clinch the deal any day now, ” he said in an inter­view with Bloomberg.

After formal announcement by the Fund, Paki­stan would get a $1.2 billion tranche under the Ex­tended Fund Facility. He said the IMF agreement would give investors and creditors the confidence that “Pakistan’s economy is now stabilizing and it has taken all the right steps; So in that sense, their money would remain protected.”

The Minister said : “The IMF programme is the beginning, not the culmination, of all other mon­ies flowing in.” “A pickup in imports once the na­tion boosts its reserves, will also benefit exports,” he added. Pakistan authorities have taken steps including increasing taxes, cutting subsidies and devaluing its currency to meet IMF conditions, the Bloomberg reported.

It is pertinent to mention that The National As­sembly on Monday passed the Finance (Supple­mentary) Bill, 2023, aimed to amend certain laws relating to taxes and duties.

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