Image Credit source: PTI
Cash-strapped India’s neighboring country Pakistan has entered into an agreement with the International Monetary Fund (IMF) to restore its stalled $6 billion aid package.
India’s neighboring country Pakistan, which is facing cash crunchPakistan) has entered into an agreement with the International Monetary Fund (IMF) that will restore its stalled $6 billion aid package and will also open the way for funding from other international sources. This information has been given on Wednesday. According to the news of ‘Dawn’ newspaper, this agreement was reached on Tuesday night. Earlier, a team led by the Staff Mission of the IMF and the Finance Minister of Pakistan Miftah Ismail had prepared the budget for 2022-23 (Budget) finalized the consent.
According to the newspaper, the officials had promised to earn another Rs 43,600 crore from taxes and gradually increase the duty on petroleum to Rs 50 per litre. A comprehensive fund facility package of $6 billion for Pakistan was agreed in July 2019 for 39 months. So far only half the money has been given. As soon as the package is restored, Pakistan can immediately get the amount of one billion dollars which it needs to handle its depleting foreign exchange reserves.
“We have finalized the budget in consultation with the IMF,” Finance Minister Ismail told reporters. He said that all the budget related issues have been resolved with the IMF.
This news is being updated.
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