ISLAMABAD: As a crucial step indicating that the two parties have reached an understanding, the International Monetary Fund (IMF) is anticipated to transmit the draught of a Memorandum of Economic and Financial Policies (MEFP) to Pakistani authorities on Monday.
Prior to the June 28 deadline for approving the federal budget for the upcoming fiscal year 2022–23, the administration aims to reach an agreement with the international lender for the restoration of the $6 billion initiative.
According to official sources, Pakistan would get a MEFP from the fund on Monday. In the meantime, the IMF will pass over the economic and financial policy for the renewed agreement, according to a statement released by the finance ministry on Sunday, giving Pakistan an economic stimulus package.
The agreement between Pakistan and the IMF, which would give Pakistan a $1 billion loan, will be finalised by tomorrow, according to the statement. The IMF also intended to give Pakistan control over its economic and financial policies.
The country is riddled with negative feelings voiced by various financial quarters, but the restoration of the IMF programme appears to be imminent, according to Finance Minister Miftah Ismail, who spoke to the National Assembly (NA).
According to him, practically all international financial institutions are hesitant of doing business with Pakistan because of the unpredictable economic policies that Pakistan’s successive governments have adopted.