Pakistan secures much awaited IMF deal

In a major breakthrough, Pakistan and the International Monetary Fund (IMF) on Tuesday night broke a much awaited deal.

The coalition government has been completely relaying on this IMF to have some breathing space in the political polarised atmosphere in country as this incumbent government impose took back subsidies on petrol, diesel electricity and gas making the life of common man near to miserable.

As per report, both sides reached an understanding on the federal budget for 2022-23, leading to revival of the extended fund facility (EFF) after authorities committed to generate Rs436 billion more taxes and increase petroleum levy gradually up to Rs50 per litre.

Finance Minister Miftah Ismail led the country’s economic team and held video meeting with IMF staff mission on Tuesday late night.

Now, the IMF mission will finalise monetary targets with the State Bank of Pakistan over the next couple of days and, share the draft of a Memorandum of Economic and Financial Policy (MEFP).