There is a ray of hope for Pakistan, which has sunk into the quagmire of debt. The International Monetary Fund (IMF) has agreed to extend the stalled relief package by one year. Also, the existing loan will be increased by another two billion dollars. If reports are to be believed, this decision is expected to give relief to the new government headed by Prime Minister Shahbaz Sharif.
The agreement was reached after talks in Washington between Pakistan's new Finance Minister Miftah Ismail and IMF Deputy Managing Director Antoinette Saih.
Relief package period extended by one year
The IMF agreed that the period of the relief package will be increased from 9 months to one year. Apart from this, the loan will now increase from $ 6 billion to $ 8 billion. The meeting with the IMF team was attended by Minister of State for Finance Dr. Ayesha Ghaus Pasha, current State Bank Governor Dr. Reza Bakir, Finance Secretary Hamid Yakub Sheikh, and World Bank Executive Director of Pakistan Naveed Kamran Baloch.
IMF had laid the conditions
The IMF had stopped the $6 billion relief package because of the Imran Khan government. A list of 5 conditions was given for giving a loan. The IMF had made it clear that until Pakistan does not fulfill the conditions of its economic recovery, it will not get a single installment of the loan of $ 6 billion. The conditions put by the IMF on the Government of Pakistan included bringing the State Bank of Pakistan Amendment Bill, canceling tax exemptions, and freeing the State Bank of Pakistan from government interference.
The agreement was signed by the Imran government in 2019
The Pakistan Tehreek-e-Insaf (PTI) government and the IMF had signed a 39-month Extended Fund Facility (July 2019 to September 2022) of the USD 6 billion packages. However, the government failed to accomplish this. This relief package was stalled for most of the time, as $3 billion was not paid.
Pakistan will have to do this work for loan approval
Before getting the approval of the IMF, the Government of Pakistan has to show that it is honest in taking the necessary tough policy decisions. The IMF had asked Pakistan to withdraw fuel and electricity subsidies, which were announced by former Prime Minister Imran Khan on February 28, to regain lost support.
Finance Minister Ismail recently said that the government is giving a subsidy of Rs 21 per liter on petrol and Rs 51.54 per liter on high-speed diesel. These subsidies will have to be withdrawn for approval. According to the information, before the approval, a team of IMF will visit Pakistan on 10 May.
'Chief Minister of Chhattisgarh is a demon and he sees a fault in saffron', Anil Vij lashed out at Bhupesh Baghel
Haryana Home Minister Anil Vij has targeted Chhattisgarh Chief Minister Bhupesh Baghel. He said that the Chief Minister of Chhattisgarh is a demon and he sees a fault in saffron. Vij further said that
Nupur Sharma then reached the Supreme Court: Demand for a stay on the arrest, saying- your remarks increased the danger to life
Former BJP spokesperson Nupur Sharma, who was embroiled in controversies by stating Prophet Mohammad, has once again reached the Supreme Court. Sharma has demanded to transfer the cases registered
MS Dhoni raised the temperature of the film industry with his new looks, a photo with R hero created a stir
The madness of former Indian team captain MS Dhoni is not hidden from anyone. Chennai Super Kings captain MS Dhoni is the center of discussion these days due to his new look.
Modi who took cricket from million to billion: kept Vijay Mallya's daughter as a personal assistant, used a private jet as a taxi
By the beginning of the 21st century, cricket had become a multi-million dollar sport. The next challenge was to get into the billion-dollar club, but the journey from 1 million to 1 billion is a
Rahul gets 3 days from ED: Rahul asks to postpone interrogation due to Sonia's ill health, ED approves
Congress leader Rahul Gandhi will now be questioned on Monday in the National Herald case. On Rahul's appeal, the agency has postponed the interrogation for three days. Rahul was to reach the ED's
Confidential documents found from Joe Biden's house, US President expressed surprise, said- I did not know about it
White House spokeswoman Karine Jean-Pierre said Thursday that US President Joe Biden did not know whether classified documents from his vice presidential days were at a Washington think tank or home
Ram Mandir: 'Ram' Arun Govil of 'Ramayana' was disappointed in Ayodhya, and did not get the darshan of Ram Lalla after consecration
Ayodhya remains in constant discussion. The grand ceremony of consecration of Ram temple attracted the attention of the whole world. Many big personalities from film, cricket, and industry attended
Adani Group Shares: Adani Group's shares recover after the continuous decline, stock of every company shows a boom
Adani Group Shares: After seeing a fall in the shares of its 10 companies for the second consecutive day, the shares of Adani Group saw a rise on Wednesday. All the ten scrips of the group were
Corona rising again: After Delhi, Haryana, wearing masks is mandatory in Punjab as well; Know the complete condition in 4 points
Corona cases have started increasing again in the country. In the last 24 hours, 2380 new cases have been reported, while 4 people have died. 3 states have the highest share of new cases. These three
Imran's promise - No action on Bajwa when he comes to power: Former PM of Pakistan said - The government fell due to his conspiracy, but this is my dispute
Former Pakistan Prime Minister Imran Khan has accused former army chief Qamar Javed Bajwa of conspiring to topple his government. Imran said- Bajwa had imposed thieves on the country. But my dispute