Pakistan, IMF reach staff-level deal on first review of loan program

Post by: Omar Nasser

Photo : Instagram / @thecurrentpk

Pakistan and the International Monetary Fund (IMF) have agreed on the first review of Pakistan’s $7 billion loan program. They also agreed on a new $1.3 billion loan for climate and economy improvements. The agreement is not final yet and needs approval from the IMF board. Once approved, Pakistan will get $1 billion from the loan, making a total of $2 billion received so far.

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Finance Minister's advisor Khurram Schehzad said this is a big step for Pakistan. He said the country is working hard to improve the economy by fixing the tax system, making prices stable, improving the energy sector, and preparing for climate changes. The IMF also said that Pakistan has made good progress in the last 18 months. The country’s economy is more stable, inflation is lower than before, and financial markets are doing better. However, the IMF also warned that Pakistan still faces risks. If the government makes wrong decisions or if global prices go up, it could hurt the economy again.

The IMF also said that Pakistan must be ready for climate problems, as they can harm the economy. The country needs to manage its money wisely, keep prices under control, and make fair policies to help businesses grow.

IMF officials visited Islamabad and Karachi, where they met with government officers, business leaders, and others. They thanked Pakistan for the discussions and the welcome they received.

This agreement is a big step for Pakistan’s economy. It will help the country get more support from international financial groups and deal with its economic problems better.

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