IMF issues official declaration over bailout package with Pakistan

IMF issues official declaration over bailout package with Pakistan
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*ISLAMABAD: The International Monetary Fund (IMF) has issued a declaration regarding agreement of the bailout package with Pakistan.*

Under the agreement, Pakistan will receive $6 billion for a period of 39 months.

As per the declaration, the bailout package will be implemented after the approval of the IMF’s Executive Board.

Pakistan will have to bring down the upcoming budget deficit by 0.6 per cent, according to the declaration issued by the fund and added that the ‘market-determined exchange rate’ to help the financial sector.

The government has ensured to keep sovereign position of the State Bank of Pakistan and has also agreed to drop down the loans by introducing reforms in the tax system of the country.

“An ambitious structural reform agenda will supplement economic policies to rekindle economic growth and improve living standards”.

Economy