IMF agrees to add $2bn to ongoing programme

Washington-The International Monetary Fund (IMF) has agreed to increase the size of its$ 6 billion loan program by$ 2bn and extend it for another time to mount up Pakistan’s balance of payments position and foreign exchange reserves.

Finance Minister Miftah Ismail said on Sunday that Pakistan had asked the IMF to enhance its bailout package from the remaining$ 3bn to$ 5bn.
Addressing a news conference at the Pakistan Embassy in Washington, the minister said that the IMF will shoot a staff-position delegation to Pakistan for addresses this request. Specialized addresses on Pakistan’s offer are anticipated to begin on Tuesday.
“ We hope that the staff- position agreement on the enhanced program will be concluded soon,” Mr. Ismail said. Still, he couldn’t say if the coming tranche of about$ 1bn would reach Pakistan before the coming budget.
The decision, still, is subject to a complete reversal of lately assessed subventions and other measures for the forthcoming budget.