ISLAMABAD - Pakistan and International Monetary Fund (IMF) are inching towards staff level agreement as the Fund has expressed satisfaction over the steps taken by the government to revive the much needed loan programme. Pakistan and IMF held virtual talks on Monday. The government briefed the Fund on the actions taken so far including imposing mini budget, increasing gas and electricity prices, enhancing interest rate by State Bank of Pakistan and imposing electricity surcharge. Officials informed The Nation that the IMF has expressed satisfaction over the prior actions taken by the government to revive the loan programme. For the first time in the current talks, the official said that the IMF has not made any new demand. Pakistan has briefed the Fund on its plan to increase the foreign exchange reserves held by the central bank to $10 billion with the help of friendly countries. The IMF was informed that the country’s foreign exchange reserves have started to build after inflows from China. Pakistan has received around $1.2 billion from China in the last few days. Pakistan is expecting to receive another $800 million from China in the ongoing month, making the overall financing from the friendly country to reach $2 billion.
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