Pakistan, IMF make significant progress in virtual talks on new package

Staff-level agreement likely to be finalised within two weeks

In ongoing virtual negotiations between Pakistan and the International Monetary Fund (IMF) regarding a new program with the possibility of finalising a staff-level agreement within the next two weeks, as reported by Express News on Tuesday.

According to sources within the Ministry of Finance, substantial consensus has been reached in the virtual sessions with the IMF on all objectives and conditions related to the new program.

It was revealed that detailed discussions have taken place over the volume, duration, and other intricacies of the agreement during the three-day virtual negotiations. Following this, the IMF has given the green signal for a new loan program.

Sources added that Pakistan was required to meet several targets and conditions set by the IMF before July 10, all of which have been successfully met. Prime Minister Shehbaz Sharif has taken firm decisions to fulfill IMF conditions.

They further stated that federal government measures include adjustments in the budget as well as increases in electricity and gas prices.