US$8.9 billion in pipeline after start of IMF programme: Miftah Ismail

ISLAMABAD: Minister for Finance Miftah Ismail on Saturday announced that $8.9 billion are in the pipeline for the country after approval of a $1 billion tranche from the International Monetary Fund (IMF), ARY NEWS reported.

Addressing a press conference, Miftah Ismail while sharing the money Pakistan would receive after approval from the IMF said that the Fund would release $3 billion and after an extension in the programme, they could also receive an additional $2 billion.

“Saudi Arabia has also approved a rollover of $3 billion and more relief from the Kingdom will come in July,” he said and added that following the beginning of the IMF program, Asian Development Bank (ADB) will also provide $2.5 billion.

The finance minister who two days back announced a hike of Rs30 in the fuel prices appeared to be unaware of any further hike in fuel prices on June 01 and said that he do not know if the price will go up or not.

“I expect that the prices of petrol and diesel will not go up on June 01,” an uncertain Miftah Ismail said.

“We have not hiked fuel prices happily and had to take the decision keeping in view hike in fuel prices globally,” he said. The finance minister however denied that any summary has been moved to hike electricity prices.

He said that a staff-level agreement with the IMF will be finalized in June and it will stabilize the economy and rupee.

Sharing details of the subsidy announced by Prime Minister Shehbaz Sharif yesterday, Miftah Ismail said that people below the household income of Rs40,000 could apply for a Rs 2,000 subsidy through the BISP.

A total of 14 million people will benefit from the subsidy, he said and shared that those wanting to receive the money could send their NIC number to 786 for getting registered with the BISP.