IMF board to approve Pakistan bailout package on July 3

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  • An IMF team will visit Islamabad every three months to review the economic indicators of the country

The Executive Board of the International Monetary Fund (IMF) will give final approval to the bailout package for Pakistan on July 3.

According to reports, Adviser to Prime Minister on Finance and Revenue Dr Hafeez Shaikh will proceed to Washington along with his financial team to sign an agreement with the IMF.

The IMF board will approve $6 billion bailout package for Pakistan in three years under the extended fund facility.

Prime Minister Imran Khan’s government and the IMF have already in principle signed a staff agreement in this regard.

The government has already fulfilled all the IMF conditions before signing of the agreement. The government in its budget proposals for the next financial year has added Rs357 billion loan from the IMF.

An IMF team will visit Islamabad every three months to review the economic indicators of the country.

The Economic Coordination Committee (ECC) has given the approval to increase the natural gas prices, one of the conditions of the IMF for its bailout package.

The ECC approved to hike the natural gas tariff for domestic consumers by 190pc and on average 31pc for all other categories.

Moreover, fulfilling another condition of the IMF, the value of Pak rupee went above Rs160 against the US dollar.

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