KARACHI: Pakistan and the International Monetary Fund (IMF) have reached an agreement in principle, with the country expecting to receive its quota of $2.5 billion soon.
Sources in the Ministry of Finance said that an official announcement is expected from the IMF in the next day or two. There is only one day left before the end of the IMF’s Extended Fund Facility program for Pakistan, so it is expected to be on standby. Under the arrangement, Pakistan will get this amount.
The new economic assessment of one billion and twenty million dollars with the IMF is ready for completion, after the implementation of the new conditions but the government wants the remaining $2.6 million of the program to be received from the IMF, but this amount is only It is possible to receive only in case of the new program.
Sources said that the Ministry of Finance has suggested to the IMF that if the board meeting could not be held, the program should be extended by six months, and the size of the standby agreement should be increased to $3.5 billion, however, the IMF will provide two of Pakistan’s quota.
Sources said that Pakistan is expected to receive another $1 billion from the United Arab Emirates (UAE) in the next few days and another $2 billion from Saudi Arabia in July.
If the Ninth Review is not completed, a short-term standby agreement may be entered into with the International Monetary Fund (IMF).
On the other hand, IMF mission chief in Pakistan Nathan Porter has said that negotiations are ongoing to reach an agreement with Pakistan, the country has taken decisive steps in the budget to restore the debt program.