The Government of Pakistan has agreed with the International Monetary Fund (IMF) on terms that might lead to a formal accord in the next two weeks.
The breakthrough marks a significant progression in the ongoing virtual negotiations concerning a new financial program between Pakistan and the IMF. The IMF has indicated preliminary approval for the program, with expectations set for a staff-level agreement to be concluded within two weeks.
The Ministry of Finance announced that the discussions in the virtual meetings with the IMF have nearly finalized all targets and conditions related to the new program.
Pakistan is poised to sign a new financial package with the IMF this month, a crucial step due to the nation’s severe economic challenges.
Furthermore, Finance Minister Mohammad Aurangzeb emphasized increasing tax revenues to avoid future dependencies on IMF programs. In an interview with the Financial Times, Aurangzeb conveyed moderate confidence that the government would secure a staff-level agreement by the end of the month, with the deal potentially worth between six and eight billion dollars.
