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IMF issues declaration regarding bailout package agreement with Pakistan

ISLAMABAD: The International Monetary Fund (IMF) has issued a declaration regarding agreement of the bailout package with Pakistan, ARY News reported on Monday.

Under the agreement, Pakistan will receive $6 billion for a period of 39 months.

As per the declaration, the bailout package will be implemented after the approval of the IMF’s Executive Board.

Pakistan will have to bring down the upcoming budget deficit by 0.6 per cent, according to the declaration issued by the fund and added that the ‘market-determined exchange rate’ to help the financial sector.

The government has ensured to keep sovereign position of the State Bank of Pakistan and has also agreed to drop down the loans by introducing reforms in the tax system of the country.

“An ambitious structural reform agenda will supplement economic policies to rekindle economic growth and improve living standards”.

Read more: Pakistan, IMF reach agreement on bailout terms and conditions: Sheikh

“The State Bank of Pakistan will focus on reducing inflation, which disproportionately affects the poor, and safeguarding financial stability.

Priority areas include improving the management of public enterprises, continuing anti-money laundering and combating the financing of terrorism efforts.

To improve fiscal management the authorities will engage provincial governments on exploring options to rebalance current arrangements in the context of the forthcoming National Financial Commission.

Bailout packagedeclarationdetailsIMFissued
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