‘$6bn bailout package’, Pakistan to receive $1bn installment from IMF today
ISLAMABAD: Pakistan will receive the $1 billion installment from the International Monetary Fund’s (IMF) under the recently concluded $6 billion bailout package today.
Addressing a press conference, IMF Chief Mission for Pakistan Ernesto Ramirez-Rigo said that the releasing loan would help stabilize the economic institutions in Pakistan.
He said Pakistan is focusing on economic reforms and that growth rate would also go up in the next year.
“Pakistan has paid attention to economic reforms, he explained, adding that the US dollar exchange rate in the country was nearer to the reality. It was necessary to bump up tax collection in order to stabilise the economy,” Ramirez-Rigo said.
Tax collection translates into economic progress and autonomy for the State Bank of Pakistan (SBP) was crucial for transparency in the economic performance, he underlined.
It is noteworthy that the IMF’s Executive Board earlier had approved a three-year bailout package worth $6 billion to Pakistan.
Earlier on Monday, the Asian Development Bank (ADB) announced its plan to support Pakistan with indicative lending worth up to $10 billion for various development projects and programs during the next five years.