IMF, Pakistan reach $3bn staff-level agreement

The International Monetary Fund (IMF) stated on Friday that a “Stand-By Arrangement” between the global money lender and Pakistan had been successfully concluded.

According to the facts, Pakistan and the IMF have reached a staff-level agreement worth $3 billion for 9 months.

IMF Mission Chief Nathan Porter and his colleagues maintained constant contact with Pakistani officials and reached an agreement via virtual dialogue.

Concerning the accord, IMF Mission Chief Nathan Porter stated that the staff-level agreement with Pakistan was struck under a 9-month Stand-By Arrangement.

The IMF’s executive board will provide final approval to this deal, which is likely to take place in mid-July. Pakistan could receive a $3 billion loan following this decision.

According to Nathan Porter, Pakistan’s parliament played a vital influence in attaining economic goals and in increasing tax collections. The parliament raised funding for the Benazir Income Support Programme and curtailed tax exemptions.

According to the IMF Mission Chief, an increase in tax revenues can result in a primary surplus of 0.4% for Pakistan’s economy, and the additional cash created by increased tax revenues can be given to social sectors.

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