ISLAMABAD: International Monetary Fund (IMF) on Thursday demanded a big increase in the interest rates, ARY News reported citing sources.
As per details, Pakistan has been constantly pressurized to take important measures on time and the IMF demanded strict monetary policy which may result in the hike of interest rates as well.
Sources said that the State Bank of Pakistan (SBP) sold T-bills worth 258 billion USD on February 22 and the interest rate of the state bank is 17 percent.
The IMF and Pakistan also discussed the monetary policy during the virtual meeting. The IMF insists on a strict monetary policy amid increasing inflation.
Read more: PM SHEHBAZ ANNOUNCES ‘INFLATION WILL INCREASE AFTER IMF AGREEMENT’
Earlier, Prime Minister Shehbaz Sharif announced that inflation will further increase after the International Monetary Fund (IMF) loan agreement.
PM Shehbaz Sharif had said that the federal government imposed new taxes on big companies in the mini-budget and protected the common man from bearing the financial burden.
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