The IMF Executive Board’s schedule up to September 4 continues, Pakistan’s name is still not included
Following the staff level agreement, the Finance Ministry is hopeful of final approval of the $7 billion loan program in September
The schedule of the Executive Board of the International Monetary Fund (IMF) till September 4 has been released. According to media reports, the Ministry of Finance is hopeful of final approval of the $7 billion loan program in September, besides the government is active in rolling over $12 billion in loans from China, Saudi Arabia and the UAE. He also applied for another 1.2 billion dollar loan from Arab.
It has been reported that the purpose of the new loan is to cover the financing gap of $2 billion, Pakistan already owes $5 billion in cash deposits to Saudi Arabia, while China owes $4 billion and the UAE $3 billion. Dollars are cash deposits, including China’s $4.5 billion in commercial debt.
Earlier, the schedule of this month’s Executive Board meeting of the IMF was released, in which Pakistan was not included, while a staff level agreement was reached between Pakistan and the IMF on July 12, under which Pakistan will be included in the new program. 7 billion dollars from the IMF, the new loan program between Pakistan and the IMF will cover a period of 37 months.
Federal Finance Minister Muhammad Aurangzeb has said that confidence has improved with the new loan program of the IMF. The Prime Minister wants to declare this IMF program as the last program. Because the country will develop only through economic reforms, we have to strengthen the reform system, we want to promote the activities of the private sector in the country, the government will not be involved in a business that is done by the private sector, so now the private The sector needs to come forward.
The Federal Minister of Finance has also said that there is scope for further reduction in the interest rate. The decision to reduce the interest rate is the prerogative of the State Bank. I am hopeful that the State Bank will gradually reduce the interest rate. Steps are being taken, Pakistan is facing the issue of balance of payment, Pakistan has to get out of the problems of balance of payment, for the first time, exports of 3.2 billion dollars were made in IT sector, next year IT exports will be 4 to 4 and a half. can be increased to billion dollars, the public and private sector must contribute to the country’s development, there is fraud in sales tax, clapping with both hands, we cannot say everything. Gone, we pay all our bills out of pocket.
