Pakistan has made full preparations to take another bailout package from IMF, agreement can be done in the month of July itself
Cash-strapped Pakistan has once again reached out to the IMF. Pakistan is trying to reach a staff-level agreement on an International Monetary Fund bailout of over $6 billion this month after meeting all the lender’s requirements in its annual budget, Pakistan’s junior finance minister told Reuters.
Minister of State for Finance, Revenue and Power Ali Pervez Malik said on Wednesday that we hope this (IMF) process will be completed in the next three to four weeks. He further said that Pakistan aims to reach a staff-level agreement before the IMF board goes on vacation.
Package of more than 6 billion dollars can be received
Regarding the size of the package, Pervez Malik said that I think it will be more than 6 billion dollars, although he said that IMF recognition is the primary focus at the moment. The IMF did not immediately respond to this comment.
Pakistan has set a tax revenue target of 13 trillion rupees ($47 billion) for the fiscal year beginning July 1 (an increase of nearly 40% compared to last year) and has sharply reduced its fiscal deficit (to 5.9% of GDP from 7.4% last year).
