Pakistan Gov’t. got $6 billion bailout package from IMF, Hafeez Sheikh
ISLAMABAD: Pakistan Government has successfully come to an agreement with the International Monetary Fund (IMF) of $6 billion bailout package.
Advisor on Finance to Prime Minister Imran Khan, Dr. Abdul Hafeez Sheikh revealed this while talking on state television. He said that Pakistan would get 6 billion dollars in 3 years from IMF which should be returned in 39 months.
Advisor to PM on Finance said that Pakistan’s economic condition was not stable during the last years. After the negotiation process the agreement sets up, which is said to be Staff agreement, the IMF’s filing board will approve it.
“The IMF team has reached a staff-level agreement on economic policies that could be supported by a 39-month Extended Fund Arrangement (EFF) for about US$6 billion,” it said.
Besides, Pakistan would get an additional amount of 2-3 billion dollars from the World Bank and the Asian Development Bank.
Advisor Finance said that the value of the dollar would be set up on the State Bank of Pakistan market rate. He said that if the government succeeded in reform, it would be the last package from the IMF.
Hafiz Sheikh said that the government would try to not affect the communal by this loan.