ISLAMABAD: The Executive Board of the International Monetary Funds (IMF) on Wednesday (today) will decide about approval of the bailout package worth $6 billion to Pakistan.
Pakistan s government and the IMF had already signed staff agreement on May 12. In a meeting, the Executive Board of the IMF will give its final nod to the agreement under which Pakistan will the loan package in three years under the extended fund facility.
The final budget measures passed by the assembly, along with a report on compliance with all prior actions, will be the key elements in the board’s decision to grant Pakistan’s request for the bailout facility. The approved version of the budget and finance bill are expected to be transmitted to the fund.
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 economic indicators of the country.
The government has already fulfilled all IMF s conditions before signing of the agreement, sources said.
The Economic Coordination Committee (ECC) of the Cabinet has given the approval to increase the natural gas prices, which was one of the conditions of the IMF for its bailout package.
The ECC also approved to hike the natural gas tariff for domestic consumers by 190 per cent and on average 31 per cent for all other categories.
