IMF Program Back on Track | Al Sadat Marketing
Islamabad: The International Monetary Fund (IMF) approved four pending reviews of Pakistan’s economy and the release of the next loan tranche of around $500 million, reviving the $6 billion program after it remained derailed for over a year.
Read More: SBP Reforms Regulations to Promote Real Estate Investment Trusts
In order to put the program back on track, Prime Minister Imran Khan took some tough political decisions despite prevailing political uncertainty.
These measures, which were also the prior conditions, included significantly increasing electricity prices, imposition of Rs 140 billion taxes and agreeing to an unparalleled autonomy for the central bank.
The board’s approval has paved the way for the release of $500 million third loan tranche. Out of the $6 billion, the IMF has already disbursed $1.45 billion in two tranches, bringing the total disbursements to $2 billion.
Pakistan’s economy has started gradually recovering from the aftermath of the Covid-19 but it is again struck by the third wave of the deadly pandemic. The central bank last week upwardly revised the growth forecast to 3% for this fiscal year.
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The PTI government has already increased the annual-base tariff by Rs 1.95 per unit last month. After including this increase, the total tariff increase will be Rs 8.95 per unit and the additional impact on the consumers is a whopping Rs 1.134 trillion.
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