Pakistan Set to Receive $1.5 Billion in Quick Financial Assistance Following IMF Board Approval

pakistan set to receive $1.5 billion in quick financial assistance following imf board approval

pakistan set to receive $1.5 billion in quick financial assistance following imf board approval

Pakistan is on the brink of receiving a Significant financial Boost as Federal Minister for Finance and Revenue Shamshad Akhtar announced that the Country is Poised to obtain swift disbursement of financial assistance Contingent upon the approval of the first review of the Stand-By Arrangement (SBA) by the International Monetary Fund (IMF) Executive Board next month.

In an exclusive interview with a Private news channel Minister Akhtar disclosed that Pakistan Stands to receive not only $700 Million directly from the IMF but also anticipates unlocking an additional $1.5 Billion in Quick disbursing Programs from various other multilateral financial institutions once the SBA review gains approval.

Minister Akhtar Highlighted the Successful implementation of Crucial reforms by the Government fostering an Environment of trust and Confidence with the IMF. The Withdrawal of import bans Promotion of investment eased import licensing and exchange rate Stabilization were among the measures taken to fulfill SBA Conditions. Notably, efforts to eradicate the grey Currency Market led to a Stable exchange Rate.

Emphasizing the Government’s Commitment to economic Stability Minister Akhtar mentioned that the Positive trajectory in the Country’s Economy is the result of Comprehensive Stabilization measures implemented during her tenure. She Stressed the need for Continued attention and Care for Sustained economic Recovery.

Regarding the Federal Board of Revenue (FBR), Minister Akhtar expressed Optimism expecting revenues to Surpass the Targeted Rs9.4 trillion Citing a Successful first quarter where the FBR exceeded IMF-set targets. Any revenue shortfalls, she assured,would be addressed with additional measures.

Read more: Pakistan Begins Second Tranche Negotiations with IMF

Minister Akhtar also Provided insights into the ongoing Restructuring and transformation of the FBR with Plans to Correct internal Governance and establish an Oversight Mechanism. The Separation of tax policy and revenue division aims to enhance focus and efficiency with a dedicated division for tax Policy and revenue framework.

Read more: Gold Prices Witness Decline in Pakistan Amidst Global Fluctuations

As Pakistan awaits the IMF Executive Board’s approval the Government remains optimistic about the Country’s economic revival Emphasizing the importance of Sustained efforts and vigilance in ensuring financial stability and growth.

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