IslamabadIt is expected that Pakistan will successfully complete the first review of the $ 7 billion loan program with the International Monetary Fund (IMF), according to officials and diplomats who were killed by Bloomberg. According to what was reported, the country has achieved great steps in strengthening revenues, which was a major condition for the loan program.
Last summer, Islamabad got the $ 7 billion in the Fund’s facility to help address its continuous economic crisis. This program played a pivotal role in stabilizing the Pakistani economy, as the government expressed its confidence in the correct path to recover in the long run.
According to reports, the government, led by Prime Minister Shaybaz Sharif, has taken many important steps, including approval of the agricultural income tax law, trying to sell a stake in the state -owned Pakistani international airlines, and implement measures to achieve an ambitious tax goal. These procedures were presented to the International Monetary Fund as part of the ongoing discussions, although the relevant officials asked not to be identified due to the secret nature of the talks.
There is a delegation of the International Monetary Fund, led by the head of the mission to Pakistan, Nathan Porter, is currently in Islamabad to meet with government officials and evaluate the progress made in fulfilling the conditions stated in the loan agreement.
If the International Monetary Fund agrees to the first review, Pakistan is scheduled to receive about one billion dollars as a second batch of the loan package. The review is closely monitored by investors as a major indicator of Pakistan’s progress in the implementation of economic reforms.
Prime Minister Shaybaz Sharif recently told the administrative director of the International Monetary University Crystalina Georgiviva that his government is planning to present a detailed plan to enhance economic growth once stability. The President of the International Monetary Fund expressed his encouragement to Pakistan’s commitment to reform, pointing to the country’s efforts to meet the loan conditions.
Finance Minister Mohamed Uranzib also expressed confidence, saying that Pakistan was “in a good position” for the first review of the $ 7 billion loan package. He stated that the discussions with the International Monetary Fund have started with technical talks and will be transferred to policy talks.
The Minister of Finance also affirmed that Pakistan will achieve the goals of its revenues for the financial year ending in June, with any deficiency through the expansion of the tax network. He also reaffirmed the country’s commitment to meet the other goals shown in the program.
Pakistan’s relationship with the International Monetary Fund was historically difficult, as previous loan programs ended prematurely or delay due to the unparalleled circumstances. However, the successful completion of a short -term program for nine months last year helped to build some confidence between Pakistan and its colleagues.
