Prime Minister of Pakistan Shahbaz Sharif has said on Tuesday that the International Monetary Fund (The IMF) on the terms of the new loan program.
Addressing the meeting of the federal cabinet, he said that steps are being taken for whatever conditions, essentials (there are) for our program with the IMF and it is hoped that the conditions of the IMF will be fulfilled in time. will be done.’
He also expressed the expectation that ‘our case will go to the board, if it is approved, then a new journey will begin.
“But it should be kept in mind that this should be our last IMF program and the country will stand on its own feet and run itself.”
A staff-level agreement on a new loan program of $7 billion between Pakistan and IM was reached in July this year, after which it has now been approved by the fund’s board.
After the completion of the $3 billion short-term standby arrangement agreement, Pakistan started talks with the IMF on a new extended loan program in April 2024.
Pakistan started talks with the IMF on a new extended loan program in April 2024, following the completion of a $3 billion short-term standby arrangement.
In this regard, the IMF team led by Nathan Porter held discussions with the Pakistani authorities at various levels from May 13 to 23.
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The current government of Pakistan is trying to increase the tax revenue and during the fiscal year 2024-25 starting from July 1, the government of Pakistan has set a target of collecting about 46 billion dollars in taxes which is 40 billion compared to last year. The percentage is high.
Pakistan’s economic indicators have recorded an improvement over the past few months and the government says inflation has come down to a single-digit rate of 9.6 percent in August 2024.
According to a statement issued by the Prime Minister’s office, the decrease in the inflation rate is a reflection of the government’s measures to improve the economy.
“The reduction in inflation is in line with the forecast of the Ministry of Finance’s Economic Outlook Report, which predicted that the inflation rate will remain between 9.5 and 10.5 percent in August 2024,” the statement said.
The Prime Minister said that the prediction of further reduction in the inflation rate by the economists in the month of September is not less than good news for the nation.
The positive results of government economic reforms have started reaching the people in the form of prosperity of the people. It is not possible to achieve the goal of development of Pakistan without making the life of the common man easy and his economic prosperity.
#measures #IMF #conditions #loan #Shahbaz #Sharif
2024-09-03 09:20:11
