Pakistan to clinch IMF deal \’any day now\’: commerce minister | The Express Tribune

The International Monetary Fund (IMF) is expected to announce its staff level agreement with Pakistan on the Extended Fund Facility (EFF) this week. The agreement will unlock a $6.5 billion credit line for the ailing economy and is critical for the $350 billion economy which is facing a severe balance of payments crisis. Pakistan needs to finance roughly $5.9 billion in debt payments and current-account deficit before June and the government has taken steps including increasing taxes, cutting subsidies and devaluing its currency to meet IMF conditions. The National Assembly has passed the Finance (Supplementary) Bill, 2023—dubbed a \’mini-budget\’—aimed at amending certain laws relating to taxes and duties in order to meet the terms set by the global lender. The agreement still needs approval from the IMF\’s board before the funds can be released and further measures such as raising interest rates and obtaining commitments for more bilateral and multilateral funding need to be taken. Follow my Facebook group for more updates on the IMF\’s staff level agreement with Pakistan.

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