Pakistan and the International Monetary Fund (IMF) are expected to sign the staff-level agreement tomorrow.
Pakistan sign agreement with IMF tomorrow: Sources claim that Pakistan has complied with 90% of the requirements of the IMF staff-level agreement.
Sources claimed that in addition to eliminating the plan to yearly import $1 million, Pakistan has raised lending rates by 1%. The baseline interest rate has increased from 21% to 22%.
Sources noted that the IMF’s financial experts are currently reviewing the memorandum of economic and financial measures, which includes nine tables.
According to additional information from the source, discussions for the staff-level agreement will take place tonight, and Finance Minister Ishaq Dar will finalise it with the IMF.
Earlier, the Federal Minister for Finance and Revenue, Ishaq Dar, declared that Pakistan has met all requirements set forth by the International Monetary Fund (IMF), leaving no hurdle in the signing of a staff-level agreement.
He mentioned that in a last-ditch effort to finalise a stalled rescue package with the international lender, the government has made a number of revisions to its fiscal 2024 budget.
The federal government will levy an additional Rs215 billion in new taxes, reduce spending by Rs85 billion, and take a variety of other steps to reduce the fiscal deficit for the fiscal year that begins next month, he added.
It is important to note that Shehbaz Sharif, the prime minister, met with IMF Managing Director Kristalina Georgieva in Paris on the eve of the Global Financing Summit.
The two discussed their respective perspectives on the ongoing programmes and cooperation between Pakistan and the IMF during the meeting. On May 27, 2023, the premier reminded Ms. Georgieva of their most recent phone chat and informed her of Pakistan’s economic prospects.