IMF expected to give final nod to Pakistan’s bailout package today

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ISLAMABAD: The International Monetary Funds (IMF) executive board will decide about the approval of the bailout package today.

The government had already signed a staff agreement with the IMF on May 12.

The executive board of the IMF will finally decide about approval of the agreement under which Pakistan will avail the loan package in three years under the extended fund facility.

The final budget along with a report on compliance with all prior actions will be the key elements in the board’s discussion to go further with the bailout process.

The approved version of the budget and finance bill are expected to be transmitted to the fund.

An IMF team will visit Islamabad every three months to review the economic indicators of the country.

The government had fulfilled all IMF conditions prior to the agreement.

As part of the bailout conditions, the natural gas prices were increased after the Economic Coordination Committee (ECC) of the Cabinet granted approval on the hike by 190 percent for domestic consumers and an average 31 percent for all other categories.