Saturday, July 11, 2020

IMF agrees on $ 6.5 billion package for Pakistan, agreement to sign on May 10

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

Long awaited IMF bailout package for Pakistan has finalized with the amount of $ 6.5 billion for the term of Three years. Well informed source revealed World News Observer.

The agreement between Pakistani officials and IMF will be signed on May 10, Source from Ministry of Finance said that the IMF has asked Pakistan to jackup the revenue targets.

Officials of the International Monetary Fund also said that the Rupee parity would be determined by the market forces, source informed.

Earlier, Pakistan and the International Monetary Fund resumed on Monday technical level talks to sort out details of the proposed bailout package over the next 10 days.

The visiting IMF mission will stay in Islamabad to conclude the technical details by May 10, while the policy level understanding will be reached over the next three days, a source at the finance division told World News Observer. The bailout package is finalised to be $6.5 billion.

The source said that after the successful technical level talks Pakistan would sign an agreement with the IMF on May 10. The agreement would then be sent to the IMF board, the source said.

Read also: PM Khan meets IMF chief, what’s ahead? 

Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

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