Pakistan, IMF Reach Deal For Release Of US $1 Billion Tranche


Pakistan, IMF reach deal for release of US $1 billion tranche

The sources in the Ministry of Finance say that the confirmation will be released soon by the Fund as it has agreed to the budgetary adjustments for the next fiscal year.

ISLAMABAD: (UrduPoint/Pakistan Point News-June 22nd, 2022) Pakistan and International Monetary Fund (IMF) reached a deal for the release of a US$1 billion tranche, the officials of the Finance Ministry confirmed on Wednesday.

The IMF nodded in affirmative to the budgetary adjustments for the next fiscal year.

The Finance Ministry officials said that the Fund agreed to the budgetary estimates set for the next fiscal year as well as the economic policies of the country.

They said the Fund would release a handout confirming the staff level deal between the both sides.

Just two days ago, Finance Minister Miftah Ismail had said that the deal would be finalized with IMF in a day or so . Miftah had held talks with the Fund.

Pakistani rupee was continuously falling down due to the uncertain situation because the deal had gotten delay because of the differences between the government and the Fund over budgetary adjustments. The IMF had demanded further increase in the oil prices.

On Tuesday, the officials in the Finance Ministry said that that a briefing was expected tonight in which the officials of the Fund would be informed about the actions taken by the government for revival of the economy.

The IMF would be informed that the subsidy on POL prices had also been taken back by government, the sources said, citing the officials in the ministry.

Abdullah Hussain

Abdullah Hussain is a staff member who writes on politics, human rights, social issues and climate change.