Pakistan Has Given 9 Assurance To IMF In Letter Of Intent

Pakistan has sent a copy of the letter of intent to the IMF for obtaining a loan. Nine major assurances have been given to the IMF in the letter of intent.
According to ARY News, Pakistan has made the $3 billion standby arrangement agreement with the IMF, and Pakistan sent a copy of the letter of intent to the IMF.
The Letter of Intent is signed by the Finance Minister and the State Bank Governor. Pakistan has given nine major assurances to the IMF in its Letter of Intent.
Under which Pakistan will not give any new tax amnesty scheme during 9 months, tax revenue will be increased in Pakistan, government of Pakistan will implement financial discipline. Energy reforms will also be implemented.
The market will determine the exchange rate. Trade restrictions will also be lifted. Pakistan will implement the assurances of lending friendly countries and institutions. Pakistan also assured the IMF to increase foreign exchange reserves.
Pakistan also assured the IMF to reform government institutions.
The IMF will consider Pakistan’s Letter of Intent as a loan application on July 12. After approval from the IMF board, Pakistan will get an installment of one billion dollars after three to four days.
The size of the first tranche given to Pakistan will be 1.1 billion dollars. On the other hand, Finance Minister Ishaq Dar said in his tweet on Twitter that “the rate of inflation in the country is at 29.4%, in May 2023 this rate of inflation was at 38%.
100 index increased by 2 thousand 334 points till one o’clock. In the open market, the rupee rose to 270 and 272 against the dollar.”

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