Pakistan to receive $8b by the end of fiscal year, says Miftah Ismail

Says flight of dollar is a global phenomenon
<p>Photo: Pakistan PM Office</p>

Photo: Pakistan PM Office

Finance Minister Miftah Ismail said on Wednesday that Pakistan would receive $8 billion by the end of fiscal year 2022-23.

He was addressing a press conference in Islamabad.

Miftah said that the agreement has been reached with the International Monetary Fund (IMF) as Pakistan has fulfilled all the pre-conditions of the agreement.

He assured that the IMF Executive Board would approve the agreement.

Besides the IMF, Pakistan would soon receive funds from the World Bank and the Asian Development Bank.

The IMF had said that Pakistan has a financing gap of Rs4 billion, he said.

Miftah revealed that a friendly country has promised to oil worth $1.2b on deferred payment while another country has agreed to give $2.4b worth gas on deferred payment.

The minister said a friendly country has promised to invest $1-$2 billion in Pakistan Stock Exchange. Another country has promised deposits worth $2b while another Pakistan’s friend has agreed to give SDRs equivalent to $2billion.

Miftah said that the flight of dollar is not just against the Pakistan Rupee rather it’s a global phenomenon

Dollar is at 22-year-high, he said.

This is in line with the State Bank of Pakistan’s assessment that the downward trend of rupees against dollar is aligned with the flight of the dollar against the currencies of emerging markets across the globe.

Miftah claimed that there is no pre-condition from the IMF to increase the gas prices. He, however, said that the IMF had asked to increase the electricity price by Rs7.91.

The government is trying not to burden the small consumers and the power tariff will not be increased for 60% of the consumers.


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