ISLAMABAD : June 29,2023: The officials of the Finance ministry in Islamabad are confident that as a result of the measures taken by the government in the last one week, Pakistan is very close to get restored the International Monetary Fund (IMF) stalled programme .
The officials of the Fiance ministry are giving an impressions to the local media that things for revival of 9th review have been finalised and the revival of the fund programme for release of $ 2.5 billion was for sure.
Pakistan had accepted four major conditions of the fund last week to secure revival of the ninth review to get released its remaining amount of $ 2.5 billion of $ 6.7 billion programme under Extended Fund Facility (EFF).
These conditions including third party audit of the fund to be used for flood relief. Other three conditions are equally important . These included striking down of a proposed amnesty scheme in next fiscal year and enhancing tax collection target by Rs 470 billion.
The government also accepted another condition of the fund to reduce budget deficit by Rs 460 billion in next fiscal budget, besides giving an assurance to the fund to not revise import duty without its prior approval.
Pakistan had lifted ban on imports last week to appease the fund that helped Islamabad to make a headway for quick revival of the stalled IMF programme.
Meanwhile , prime minister , Shahbaz Sharif , had held a very crucial meeting with IMF boss in Paris during his visit to that country some one and half weeks ago and informed her about the steps taken by his government to revive the economy.
The prime minister later spoke to IMF chief on telephone more than one time for follow up of development to prepare a ground for revival of the stalled programme.
Pakistan badly need money from IMF to give a push to it’s almost halted economy and at the same time dispel the impression of the default on its obligatory payments.
Pakistan is struggling to offset its worst ever economic crisis for the last one year. The on-going political crisis added fuel to its economic melt town.
Pakistan has been practically crippled by huge debt and its political crisis simply made things worse for it ,particularly, in the last one year.
