Canada Global(Web News)A staff-level agreement has been reached between Pakistan and the International Monetary Fund (IMF) Review Mission, after which Pakistan will receive $700 million with the approval of the IMF’s Executive Board.
After the staff level agreement was reached between Pakistan and the IMF, the statement issued by the IMF said that inflation is likely to decrease in the coming period.
IMF says that Pakistan has achieved all economic targets, inflation is likely to decrease in the next few months, market-based exchange rate is expected to continue and reforms are also promised to create investment and employment opportunities. has been done, while the pressure on the exchange market is easing.
According to the IMF, economic recovery is continuing under the program, economic stability is coming to Pakistan with the support of friendly countries, the implementation of the federal budget has brought continuity in the policies, while timely adjustments have been made in the prices of electricity and gas.
According to the IMF, Pakistan has also committed to reforms in government institutions, Pakistan has also promised to improve social assistance programs, Pakistan has implemented pending power tariff adjustments from July 2023.
According to the IMF statement, after a long period of hike in gas prices from November 1, 2023, Pakistan assured to refrain from administrative measures to affect the value of the rupee.
According to the declaration, an active monetary policy is needed to reduce inflation to its target, with an additional $700 million, the amount released by the IMF to Pakistan will be $1.9 billion.
It should be noted that a stand-by agreement of 3 billion dollars was agreed between Pakistan and the IMF.
Meanwhile, the International Monetary Fund (IMF) has demanded public access to information on assets disclosed by cabinet members, while the government will ensure public access to information related to assets. The IMF says that the government has expressed its commitment to better cooperation with international financial institutions.
Timely access to funds from bilateral countries and international financial partners is crucial for policy and reform efforts, the IMF said, while external pressures eased as foreign exchange reserve flows improved. Is.
The IMF has cited regional conflicts, rising commodity prices, global tightening financial conditions as threats, and balanced economic growth under the Standby Arrangement is a priority. There is determination to achieve the target of primary surplus and emergency measures can be taken to increase revenue.
The IMF has also called for continued financial stability efforts to reduce debt while also taking into account the protection of development needs. Is.
The IMF has called for continued reforms in governance and public institutions and called for transparency in SIFC’s operations and asset management, as revolving debt in the power and gas sector exceeds 4 percent of GDP. has gone
The IMF says that in these circumstances, immediate concrete measures are inevitable.
The IMF has been assured that the work on the involvement of the private sector in the energy sector is ongoing, steps are also being taken to stop the theft of electricity and gas, while the concessions to captive power plants are being reduced.
