The International Monetary Fund (IMF) is set to provide Pakistan with a substantial financial boost, totaling three billion dollars. According to sources, this funding will be disbursed in three instalments, highlighting the IMF’s commitment to supporting Pakistan’s economic development.
Exciting developments are on the horizon, as the second review under the standby arrangement is scheduled for September 2023. This review will serve as an important milestone in evaluating Pakistan’s progress and further strengthening its economic prospects.
Marking another significant event, the third round of talks between Pakistan and the IMF is slated for December this year. These discussions will focus on key matters of mutual interest, paving the way for collaborative efforts and fruitful outcomes.
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Pakistan has proactively identified priority areas for reform, demonstrating its commitment to progress and growth. In particular, the electricity and gas sectors are set to undergo significant transformations. To reduce losses and enhance efficiency, concrete steps will be taken. Moreover, there are plans to address the pricing structure, which may involve necessary adjustments to ensure sustainable development.
In summary, Pakistan is poised to benefit from the IMF’s support, with substantial funding and a comprehensive review process. By implementing crucial reforms, particularly in the electricity and gas sectors, Pakistan aims to foster sustainable growth and achieve long-term economic stability.
In the current fiscal year, Pakistan has received a promising commitment of $6 billion in external financing, as confirmed by reliable sources. It is worth noting that the initial instalment of $1.1 billion from this fund will be disbursed following the upcoming IMF board meeting.
According to the sources, the exchange rate will be determined by the market, in alignment with the IMF Staff Level Agreement. Additionally, it is important to highlight that the allocation of supplementary grants will not be permitted after the budgetary process concludes.