Pakistan to get $22 billion loans from international organisations in next three years: Report

Pakistan to get $22 billion loans from international organisations in next three years: Report
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*ISLAMABAD: *Finance Minister Asad Umar hoped to secure nearly $22 billion packages from three multilateral agencies in the next three years.

This includes $8 billion for IMF , $7 billion each from World Bank and Asian Development Bank.

“At the request of the (Pakistani) authorities, an IMF mission will be going to Pakistan before the end of April to continue the discussions,” said a statement of Office of the Resident Representative of the IMF .

It added that the Pakistani authorities and the IMF staff held constructive discussions during the IMF-World Bank (WB) Spring Meetings in Washington DC towards an IMF-supported programme.

Hours before the IMF communiqué, Umar told the National Assembly Standing Committee on Finance and Revenue that Pakistan and the IMF have in principle reached an agreement on all policy matters.

But the finance minister refused to divulge details of the IMF conditions, saying it could ‘jeopardise the negotiations’. After the committee meeting, the minister did say the electricity prices would go up “due to idle capacity payments left behind by the PML-N [Pakistan Muslim League-Nawaz] government.”

“Both the sides have documented the agreement and an IMF mission would arrive in Islamabad this month to sort out technical details. The expected size of the IMF loan will be $7.5 billion to $8 billion,” Umar added. The dates of the IMF visit will be finalised in the next couple of days.

Umar said the agreement has been achieved on the budget deficit, exchange rate management, energy sector, state-owned enterprises, and public finance management.

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