Staff level agreement of $7 billion loan from IMF, Finance Minister’s announcement to bring structural reforms – Business & Economy

The IMF and Pakistan have reached a staff-level agreement for a loan of 7 billion dollars, which is pending approval from the IMF Executive Board, while the Federal Finance Minister has announced to bring structural reforms.

The IMF agreed to a loan program for 37 months. According to the ongoing declaration of the International Monetary Fund, Pakistan will receive 7 billion US dollars in 37 months.

In this regard, the finance minister announced to bring structural reforms. He said in his statement that the IMF program will help in bringing macroeconomic stability in Pakistan.

Mohammad Aurangzeb said that under the IMF program we need to ensure structural reforms, we need to bring stability in the areas of public finance, energy and government institutions, we will bring structural reforms in the coming years.

It should be noted that the objectives of the IMF program include macroeconomic stability, monetary policy, sustainable development and broadening the tax base.

Pakistan has got the facility of expansion fund on the basis of economic stability. The final approval of the new loan program will be given by the IMF’s Executive Board. Pakistan will get seven billion US dollars in thirty seven months.

The announcement said that the agricultural sector in Pakistan will also be brought under the tax net. This will in turn significantly help Pakistan in ensuring sustainable development. The management of state-owned enterprises must also be improved.

According to the declaration, everyone has to be given the same environment for investment. An increase in human resources is also inevitable. Social security support under Benazirankom Support Program will have to be increased. In achieving all these objectives, the help of friendly countries will also be considered important for Pakistan.