IMF likely to announce EFF agreement with Pakistan by this week

Federal Minister for Commerce, Syed Naveed Qamar said on Wednesday that the International Monetary Fund (IMF) was likely to announce its staff level agreement on Extended Fund Facility (EFF) with Pakistan by this week.

“Pakistan has taken all the measures needed to unfreeze a $6.5 billion credit line and expects to clinch the deal any day now, ” he said in an interview with Bloomberg.

After formal announcement by the Fund, Pakistan would get a $1.2 billion tranche under the Extended Fund Facility.

He said the IMF agreement would give investors and creditors the confidence that “Pakistan’s economy is now stabilizing and it has taken all the right steps; So in that sense, their money would remain protected.”

The Minister said : “The IMF programme is the beginning, not the culmination, of all other monies flowing in.” “A pickup in imports once the nation boosts its reserves, will also benefit exports,” he added.

Pakistan authorities have taken steps including increasing taxes, cutting subsidies and devaluing its currency to meet IMF conditions, the Bloomberg reported.

It is pertinent to mention that The National Assembly on Monday passed the Finance (Supplementary) Bill, 2023, aimed to amend certain laws relating to taxes and duties.

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