Pakistan has entered into agreement with IMF: Government sources

The International Monetary Fund (IMF) is headquartered in Washington. — AFP

To lift the country out of the economic crisis, the Pakistan government on Wednesday signed a much-needed agreement with the International Monetary Fund (IMF) for the revival of the stalled Extended Fund Facility (EFF) programme. geo news The news has been given by quoting sources in the Ministry of Finance.

The latest development comes a day after Federal Revenue and Finance Minister Mifta Ismail indicated a revival of the agreement with the IMF within a day or two.

“I have high hopes that the IMF program will be revived soon,” the Finance Minister said while talking to reporters.

Meanwhile, sources said the deal was struck after the Pakistan government took steps to meet the terms and conditions set by the IMF to restart a $6 billion loan program for the country.

According to sources, the body also agreed with the steps taken by Pakistan with reference to the budget for the upcoming financial year 2022-23, while it also acknowledged the country’s budget targets.

Finance ministry sources said that post the deal, the prospects of revival of the loan program are “very bright”.

According to sources, a release in this regard will be issued soon.

Following the depreciation of the Pakistani rupee against the US dollar, the recent agreement with the global lender was of utmost importance to lift the country out of the ongoing economic crisis.

In order to meet the conditions of the IMF, the government had to take some stringent measures, such as banning the import of certain items and removing subsidies which resulted in an unprecedented increase in POL. [petrol, oil, lubricants],