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Expansion
Pakistan has finally got approval for an employee-level agreement with the International Monetary Fund (IMF). It has reached an agreement on a loan tranche of $1.17 billion. The IMF has said that our team has entered into an employee-level agreement with Pakistani authorities to conclude the Joint Seventh and Eighth Reviews of the Expanded Fund Facility Support Program.
However, the IMF also made it clear in its statement that Pakistan needs to be ready to take more steps towards increasing its revenue. The IMF’s agreement comes with a strict set of demands and targets set for Pakistan during the next fiscal year, with the primary budget surplus target set at Rs 153 billion, or 0.2 per cent of gross domestic product (GDP).
Now in the revised budget, a target has been set to increase it to 0.4 percent. Experts say the government will either have to introduce more revenue measures or cut its spending. This will not include the development budget.
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