Islamabad:
Staff level agreement between Pakistan and the International Monetary Fund (IMF) has been reached, after which talks between the IMF and Pakistan have been successful, after which a staff level agreement has been reached.
According to a statement issued by the International Monetary Fund, Nathan Porter, the IMF team, said that Pakistan has reached $ 1 billion under the EFF.
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During the 18 months, Pakistan has made progress in restoring macroeconomic stability despite the challenges. According to the IMF declaration, inflation in Pakistan is at the lowest level since 2015, Pakistan’s economic situation has improved and further improvement is expected.
The International Monetary Fund says that the amount received by Pakistan under the program will be $ 2 billion.
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IMF staff and Pakistani authorities have not only agreed to implement the first review under the expansion fund facility (EFF), but have also completed talks on a new ‘Resilience and Suspeal Facility’ (RSF) agreement for Pakistan.
A statement issued by the IMF said that effective implementation of Pakistan’s economic reform program is underway and the government is committed to gradually reducing the fiscal deficit, keeping public date at a sustainable level and controlling inflation through strict monetary policy.
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In addition, the energy sector is making reforms that will help to strengthen the sector by reducing the cost, while the government reform agenda for economic development is also being accelerated.
Under the new RSF Agreement, Pakistan will increase resistance to natural disasters, tackle the effects of climate change by improving the budget and investment planning, ensuring effective and productive use of water, strengthening information infrastructure for climate risks and introducing such reforms to the energy sector.
This agreement is an important development for Pakistan, which not only can the restoration of the economy be possible but also achieve the goals of financial sovereignty in the future.
