Islamabad, 23 February 2023 (GNP): According to the Federal Minister of Commerce, Syed Naveed Qamar, the Extended Financial Facility (EFF) between Pakistan and the International Monetary Fund (IMF) is expected to be announced this week.
Syed Naveed Qamar, Federal Minister of Commerce stated in an interview with press media: “Pakistan has taken all the measures needed to unfreeze a $6.5 billion credit line and expects to clinch the deal any day now. After a formal announcement by the fund, Pakistan will get a $1.2 billion tranche under the EFF.
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The IMF agreement will give investors and creditors confidence that Pakistan’s economy is now stabilizing and it has taken all the right steps, so in that sense their money will remain protected”.
He concluded saying: “The IMF program is the beginning, not the culmination of all other monies flowing in.”
To comply with the IMF’s requirements, Pakistani authorities have increased taxes, reduced subsidies, and devalued currency. This has harmed the major industries of the country such as textile, automobile, agriculture etc. If the IMF approves of Pakistan’s financial assistance program, the government has hopes that the country could be re-stabilized.
