Pakistani Prime Minister Shehbaz Sharif Says Country Will Accept IMF Terms To Get Funding

Pakistani Prime Minister Shehbaz Sharif Says Country Will Accept IMF Terms to Get Funding

Pakistani Prime Minister Shehbaz Sharif said on Wednesday that his country intended to meet the terms proposed by the International Monetary Fund to get additional loans under the Extended Fund Facility (EFF) program

MOSCOW (Pakistan Point News / Sputnik - 25th January, 2023) Pakistani Prime Minister Shehbaz Sharif said on Wednesday that his country intended to meet the terms proposed by the International Monetary Fund to get additional loans under the Extended Fund Facility (EFF) program.

The IMF reportedly demand Pakistan finish its ninth financial review, abolish a number of subsidies and abstain from artificial means of depreciating the rupee to receive funding from the organization.

"I said to IMF's head that Pakistan was ready to finish the upcoming review and include his proposed terms," Sharif said as quoted by the ARY news outlet.

At an opening ceremony of the lending program for youth business and agriculture, Sharif said that the government wanted to finalize the ninth review under the EFF without further delay.

In July 2019, Pakistan signed a contract with the IMF, according to which the organization agreed to transfer $6 billion to the country under the EEF. In April 2022, the program was extended, and its size increased to $8 billion. However, according to Pakistani media, the IMF decided to suspend payments until Pakistan does not cancel its oil and electricity subsidies. In May last year, the IMF said it would provide over $900 million to Islamabad, if the country fulfills all terms.