Pakistan has received the Memorandum of Economics and Financial Policies (MEFP) from the International Monetary Fund (IMF).
Finance minister Miftah Ismail tweeted “Early this morning, the Government of Pakistan has received an MEFP from the IMF for combined 7th and 8th reviews”.
The government was expecting that IMF would share the MEFP as PMLN led coalition government has met all the demands last week regarding increase in electricity tariff, withdrawing personal income tax exemptions for salaried class, gradual increase in petroleum levy up to Rs50 per liter and fixing FBR revenue target to 7,442 billion.
Sources said that finance minister and Governor State Bank of Pakistan (SBP) on Tuesday will sign the contract with the IMF on behalf of Pakistan.
It is expected that Pakistan will receive the next tranche of around $2 billion next month when the IMF Board will approve 7th and 8th reviews.
It is worth mentioning here that Pakistan has requested the IMF not only to enhance the loan program by $2 billion to $8 billion and also make a one-year extension in the IMF program.