Pakistan is all geared up to receive $6billion from IMF in the span of 3 years as it has finalised its deal with the International Monetary Fund. This bit of information was shared on Sunday by Dr Abdul Hafeez Sheikh—the Advisor to PM on Finance, Revenue and Economic Affairs.
He informed that the confirmation regarding the made agreement would be given by the board of IMF.
The IMF team and the Pakistani authorities have reached a staff-level deal on the economic policies that could be assisted by a thirty-nine-month long fund program of nearly $6bllion. This deal is subjected to the approval of the IMF management and the approval of the executive board and is subjected to the on-time implementation of the previous actions and confirmations of the financial commitments of the foreign partners, as was mentioned in a statement of the monetary fund.
Many other bodies including the Asian Development Bank and the World Bank would provide Pakistan with a loan of $2billion to $3billion, Dr Sheikh remarked while speaking to the PTV News. He added that the money would help in improving the debt situation.
Also Read: Mango Export to Begin from May 20
When inquired that why Pakistan selected to go for the IMF bailout package, he said that the international organisation assists its member nations in times of economic difficulties.
He added that getting the IMF package was unavoidable owing to the financing needs of Pakistan.
The advisor expressed hope that the package of Pakistan with the IMF would impart a positive message to future investors.
Regarding the strict conditions of the International Monetary Fund, he said that some of the conditions are in the favour of Pakistan. He added that it is in our benefit for the IMF to say that Pakistan should spend money as per the need and to place a tax on the rich for maintaining the economy.
Dr Sheikh added that they want to improve the quality of life and for doing that some structural variations are needed.
The Pakistan Tehreek-e-Insaf government strongly believes that it does not want to put any extra load on the public. For the betterment of people, the government would take different steps.
About this being the last time that Pakistan has gone to IMF for a package the advisor said that he could not say anything with assurance as it all depends on the successful implementation of the structural reforms.