Faisalabad: With all eyes on International Monetary Fund (IMF) for their final nod, Interior Minister Rana Sanaullah said agreement with lender would be inked formally during next week, Radio Pakistan reported. Two sides are engaged in tough talks to reach consensus on multiple conditions since late January before signing deal which also includes external financing from friendly countries.

Sanaullah, addressing public gathering here said that government has fulfilled its all requirements and after agreement relief could be passed on to public.  Country’s foreign exchange reserves have fallen to cover barely month of imports after IMF funding stalled in November, hit by snags over fiscal policy adjustments after officials of lender visited Islamabad in February for talks.

They formed part of ninth review exercise on bailout package of $ 6.5 billion agreed upon in 2019 whose resumption is critical for Pakistan to avoid risking default on external payment obligations. Pakistan had to complete actions demanded by IMF, such as reversing subsidies in its power, export and farming sectors, hikes in prices of energy and fuel and permanent power surcharge among other measures.

Published in The Daily National Courier, April, 26 2023

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