ISLAMABAD: Pakistan is likely to sign staff-level agreement with International Monetary Fund (IMF) today. According to sources, Pakistan has met 90 percent conditions for staff-level agreement with IMF.  Sources said that Pakistan has also abolished scheme to bring $ 0.1 million to country annually and interest rate has been increased by one percent. Basic interest rate has been hiked from 21 percent to 22 percent.

Memorandum of economic and financial policies which includes nine tables has been sent to IMF and financial experts of IMF will analyse memorandum now, sources added. Source revealed that talks for staff-level agreement will take place tonight and Finance Minister Ishaq Dar will finalise staff-level agreement with IMF.  Earlier, Ishaq Dar said that Pakistan has fulfilled all necessary conditions of International Monetary Fund and “No hurdle is now left” in signing of staff-level agreement.

He noted that government has introduced number of changes to its fiscal 2024 budget in last-ditch effort to clinch stalled rescue package with international lender.

Published in The Daily National Courier, June, 27 2023

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