Islamabad, May 13: The government of Pakistan has reached a final deal with the IMF (International Monetary Fund) for a bailout package worth $6 billion, Prime Minister Imran Khan’s finance adviser, revenue and economic affairs Dr Abdul Hafeez Shaikh has said on Sunday.
According to ANI news reports, Shaikh, while addressing a state-run PTV news, stated, “After months of discussions and negotiations, a staff-level agreement has been reached between Pakistan and the IMF.”
Shaikh also disclosed that Islamabad would be receiving financial assistance, under the IMF programme, worth $6 billion over a ree-year period.
The IMF mission head for Pakistan, Ernesto Ramirez Rigo, was quoted during an IMF press release as stating, “The Pakistani authorities and the IMF team have reached a staff-level agreement on economic policies that could be supported by a 39-month Extended Fund Agreement (EFA) for about US $6 billion.”
Shaikh also said the IMF, an international institute, help member nations through financial assistance in “economic difficulty”. Further, he went on to say Pakistan couldn’t have been able to bridge the financing gap of about $12 billion, which has been created by a weak Pakistani economy on its own.
PM Khan had on Friday rejected the very-first draft for an IMF bailout package after which the discussions went on with the international institute.
Besides IMF bailout assistance, Pakistan will also receive some additional funds worth around $2-3 billion from organizations like the World Bank and the Asian Development Bank, according to Shaikh.