A staff level agreement was signed between Pakistan and the IMF

Olivia Smith

A staff level agreement was signed between Pakistan and the International Monetary Fund (IMF). About 3 billion dollars will be provided to Pakistan under the agreement.

Pakistan and IMF agreed on a 9-month standby arrangement agreement. According to the IMF press release, the final approval of the agreement will be taken from the Executive Board, which is expected to be approved by the Executive Board in mid-July.

According to the statement, the staff level agreement will help in economic stability. According to the IMF spokesman, the Pakistani people are facing inflation including food, the agreement will reduce the pressure on Pakistan’s external payments.

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According to the declaration, the agreement will lead to financial discipline in Pakistan. The agreement will increase the tax revenue in Pakistan, which will increase the funding for the development of the people. With the standby arrangement, Pakistan will get financial support from other countries and international organizations.

According to the spokesperson, the energy reforms will be ensured by the agreement, the exchange rate will be determined according to the market, Pakistan faced many external challenges including floods. Timely and successful completion of the program will be critical under difficult circumstances.

According to the announcement, strengthening the investment framework is a part of the program, improving the governance of government institutions is a part of the program, steps will be taken in the energy sector including timely annual tariff rebasing.

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The State Bank will continue to take measures to reduce inflation, the State Bank is committed to a full market base exchange rate, the new budget will generate a primary surplus equal to 0.4 percent of GDP, the new budget will generate revenue for social and development expenses.

Pakistan has taken preliminary steps for the agreement

The International Monetary Fund (IMF) has said that Pakistan has already implemented the preconditions for this agreement. In this regard, the Mission has given examples of expanding the tax network and approving the budget.

The IMF has also urged Pakistan to take measures to control inflation so as to reduce the burden on the common man. The IMF has also given special praise to the Benazir Income Sports Program for ensuring support to the poorest families.

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The IMF has expressed hope that Pakistan will now be able to access loans from various other forums, which will help it move towards economic stability.

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