Pakistan likely to sign staff-level agreement with IMF next week

ISLAMABAD: Pakistan is likely to sign the staff-level agreement with the International Monetary Fund (IMF) next week, ARY News reported on Saturday, citing sources. 

The signing of staff level agreement with the IMF will clear the way for Pakistan to receive the last tranche of $1.1 billion under the SBA Agreement, the sources said.

They further said that during the talks with the IMF, Pakistan’s officials assured the international lender of jacking up the electricity tariff from July 1, while monthly, quarterly and yearly fuel adjustments will be slapped on consumers for cost recovery.

The IMF delegation stressed upon Pakistani officials to continue to protect people registered in BISP programme. Furthermore, the International Monetary Fund also demanded to keep strict monetary policy and market exchange rate.

Read more: Pakistan ‘rejects’ IMF’s demand for NFC Award revisit

The IMF delegation is currently in Pakistan for the second review under the SBA loan programme.

Earlier, the Pakistan government rejected the International Monetary Fund’s (IMF) demand for a National Finance Commission (NFC) Award revisit, said sources.

Citing the shortage of federal funds, the IMF had asked Islamabad to revisit the NFC Award with the provinces during the second review talks under the $3 billion loan programme under SBA.