The International Monetary Fund (IMF) and Pakistan could not reach an agreement on a bailout package of more than one billion dollars on Thursday. The ongoing meeting between Pakistan Prime Minister Shehbaz Sharif and IMF representatives since January 31 ended on February 9.
However, in a statement released late on Thursday, Pakistan's Finance Secretary Hameed Sheikh said without disclosing details that an agreement has already been reached with the IMF on the necessary measures. He further said, "The talks with the IMF have been completed. The MEFP (Memorandum of Economic and Financial Policies) document has been handed over to Pakistan by the IMF."
Pakistan's inflation rate is skyrocketing
The country's state television channel quoted Finance Ministry officials as saying that some points still needed attention. At present, the economy of Pakistan is in serious trouble. At the same time, the inflation rate in the country is skyrocketing.
Explain that during the talks, both sides discussed all aspects of Pakistan's ailing economy. During this, the IMF put forward tough conditions for the package, which include increasing electricity and gas prices, increasing tax rates, and bridging the gap in the budget deficit.
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