IMF board decides on $6b Pak bailout today

[ahlam1399]

ISLAMABAD: The International Monetary Fund (IMF) Executive Board in its meeting in Washington on Wednesday (today) will decide on approval of $6 billion bailout package for Pakistan.The Pakistan government and the IMF had signed a staff agreement on May 12.The board will give its final nod to the agreement under which Pakistan will receive $6 billion loan in three years under the extended fund facility.The final budget measures passed by the assembly along with a report on compliance with all prior actions will be key elements in the board’s decision to grant Pakistan’s request for a $6 billion bailout facility.The approved version of the budget and finance bill are expected to be transmitted to the Fund.The government in its budget proposals for the next financial year has added Rs357 billion loan from the IMF.An IMF team will visit Islamabad every three months to review the economic indicators.The government has already fulfilled IMF’s all conditions before signing of the agreement.The Economic Coordination Committee (ECC) of the Cabinet has approved increase in the natural gas prices one of the conditions of the IMF for its bailout package.The ECC also approved hike in the natural gas tariff for domestic consumers by 190pct and on average 31pc for all other categories.http://feeds.feedburner.com/~r/com/cwEr/~4/H1KF7-NHO2A

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