*ISLAMABAD: After the approval of $6 billion loan from InternationalMonetary Fund, Special Advisor to Prime Minister on Finance Hafeez Shaikhsaid on Thursday that the bailout package will bring stability to theeconomy. *
Sharing the details of the IMF package with media alongside Minister ofState for Revenue Hammad Azhar, Shaikh said following the deal, othermonetary organizations will also provide funds to the country. “AsianDevelopment Bank (ADB) intends to give additional $3.2 billion toPakistan,” he said.
The World Bank (WB) will also grant extra money to Pakistan, the advisorassured adding that these funds will also be given for the budgetarysupport.
The approval of the bailout package reflected the trust of IMF in theleadership of Pakistan and its policies, he continued.
Asian Development Bank (ADB) intends to give additional $3.2 billion toPakistan
Shaikh admitted the historic swelling in the country’s debts and said “wehave to put efforts to pay our loans, we will have to cut our expensesbesides taking difficult decisions” to fix the economic situation.
Read Top Stories
He said the monetary fund will provide $2 billion annually to Pakistan as apart of the $6 billion package and the first installment of $1 billion willbe received by July 8.
The IMF loan was sought under the ‘accident facility’ and its interest ratewill remain below three percent, the SAPM told the media.
Shaikh elucidated that there was no condition of privatization in the IMFdeal, however, a comprehensive plan will be chalked out for governmentinstitutions.
The government will consider loss-incurring institutions to privatize, and“a program for the privatization of institutions has to be prepared bySeptember 2019.”
