News update: – 3rd March 2020 according to the recent agreement which happened on the basis of the approval of IMF administration, the deliberation of the Policymaking Board, which is probably in early April.
The International Monetary Fund (IMF) announced recently that it got a staff-level contract with Pakistan after both sides finally committed all outstanding issues predictable at maintaining the $ 6 billion package.
In addition, the following is released statement details published by the official “The IMF staff and the Pakistani authorities have reached a staff-level agreement on policies and reforms necessary to complete the second revision of the FEP-backed authority reform program,” said Ernesto Ramírez Rigo, IMF Head of Mission for Pakistan, in a brochure issued from Washington.
While Dr. Reza Baqir who is the Pakistan State bank governor passed his remarks and said that “This is a positive endorsement of our economic reform program.” As the IMF also detected, SBP’s foreign exchange reserves are well above targets and the foreign exchange market is orderly, he added. The official uncultured funds of the central bank have amplified to $ 12.6 billion.
However, the governor said that increase is expected to a diminution in the coming months and that the economy is gradually recovering. “Our reforms are building a bright and sustainable economic future for Pakistan.” The IMF staff had returned to Washington on February 14 without reaching an agreement at the personnel level due to a disagreement over a mini-budget and rising electricity prices.
While the particular details of this agreement of IMF-backed programs are made public only after the fund’s executive board approves the reviews and the report of the attached staff is published,” Teresa Dabán Sánchez, Resident Representative said to the leading newspaper of Pakistan.
The IMF had given a tax collection objective of Rs5.503 billion to the FBR for the current fiscal year. The tax authorities raised Rs2.406 billion during the first seven months of the fiscal year, a deficit of Rs385 billion. Let’s hope that this agreement between IMF brings the change and betterment in the coming years.
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