Breakthrough reported in $8 billion bailout package between Pakistan and IMF: Media Report

Shares
Breakthrough reported in $8 billion bailout package between Pakistan and IMF: Media Report

ISLAMABAD - Pakistan and the IMF have reportedly reached on an agreement for financing of $6-8 billion bailout package.

The government has finally decided to take up to $6 billion loan from the International Monetary Fund (IMF) from the next fiscal year.

Sources told *Pakistan Today* that the government’s economic team and the international lending organisation has reached an agreement in their recent communication. “IMF has agreed to give the loan on Pakistan’s conditions,” they revealed.

According to details, Pakistan has assured the lending organisation that the government would make reforms in the Federal Board of Revenue besides increasing the revenue at 1.5pc of the GDP from next fiscal year.

Earlier, it was reported that the finance minister had refused to revise the revenue target of FBR despite the shortfall of Rs188 billion in the first seven months.

Sources claimed that the economic team also assured the lending organisation that the government would increase the spending on its social safety network.

Source: link