ISLAMABAD: The International Monetary Fund has finally okayed the six billion $ bailout package for Pakistan on Wednesday after the government took initial steps in accordance with the IMF strict guidelines.
Those steps included raises in taxes which subsequently increased the prices of gas, electricity to ensure revenue collection to tackle current account deficit.
IMF Executive Board approved today a three-year US$6 billion loan to support #Pakistan’s economic plan, which aims to return sustainable growth to the country’s economy and improve the standards of living. pic.twitter.com/HCAMr1KWfK
— Gerry Rice (@IMFSpokesperson) July 3, 2019
“The country’s economic plan seeks to return sustainable growth to the economy by adopting reforms to foster stronger and more sustainable growth,” an image in Rice’s tweet read.
The IMF and Pakistan’s government had earlier already signed a staff agreement on May 12 in this regard.