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2024-01-18 India-Pakistan
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Pakistan receives $700 million IMF bailout tranche
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[GEO.TV] Pakistain has received $700 million from the International Monetary Fund (IMF) as part of its bailout programme, State Bank of Pakistain (SBP) Governor Jameel Ahmed said Wednesday.
The loan was approved after the IMF Executive Board completed its first review last week, bringing the total disbursements under the $3 billion Standby Arrangement (SBA) to about $1.9 billion.
Following the board’s approval last week, Antoinette Sayeh, Deputy Managing Director and Chair, had said: "There are now tentative signs of activity picking-up and external pressures easing."
The nine-month SBA approved by the Executive Board on July 12 last month, aims to provide a policy anchor for addressing domestic and external balances and a framework for financial support from multilateral and bilateral partners.
To secure the bailout, Pakistain implemented tough IMF-requested measures: a revamped budget, a record interest rate hike, and painful increases in electricity and gas prices.
Under the bailout deal, the IMF also got Pakistain to raise $1.34 billion in new taxation to meet fiscal adjustments.
| Are they actually collecting more taxes, or did they just pass some laws to do so? |
The measures fuelled all-time high inflation of 38% year-on-year in May, which is still hovering above 30%.Pakistain has received $700 million from the International Monetary Fund (IMF) as part of its bailout programme, State Bank of Pakistain (SBP) Governor Jameel Ahmed said Wednesday.
"The authorities took challenging steps to bring both electricity and natural gas prices closer to costs in 2023. Continuing with regularly-scheduled adjustments and pushing cost-side power sector reforms are vital to improving the sector’s viability and protecting fiscal sustainability," Sayeh said. 
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Posted by Fred 2024-01-18 00:00||
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File under: Govt of Pakistan
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Posted by Skidmark 2024-01-18 09:26||
2024-01-18 09:26||
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