The IMF has decided to give 6 months relief to Pakistan in terms of loan repayment. According to the details, the IMF and the World Bank held an important meeting in the US capital Washington. The meeting also gave 6 more months relief to Pakistan in terms of repayment of loans. Pakistan has already been given a one-year relief by the IMF to repay its loans.
An additional six months of relief from the IMF will benefit Pakistan by 1 billion. The IMF and World Bank have also announced more relief packages for developing countries. According to a joint statement by the World Bank and the IMF, $ 12 billion has been allocated to developing countries for the corona vaccine.
According to sources, Pakistan will receive $400 million in funding for developing countries.
It should be noted that Pakistan will get a benefit of $ 1 billion after another six months of relief in terms of loan repayment by the IMF. Earlier, the International Monetary Fund (IMF) had set strict conditions for Pakistan to continue its loan program. He demanded from Pakistan that the subsidy given to the people on utility store items in inflation including electricity and gas sectors should also be abolished.
A special cell was set up in the Finance Ministry to consider the IMF's strict conditions and demands. According to sources, the special cell will formulate proposals for elimination of subsidies and implementation of economic reforms. The government has allocated a subsidy of Rs 209 billion to provide relief to the people on various food items including expensive electricity and gas sectors. It has set up a subsidy of Rs 150 billion for energy sector, Rs 13 billion for cheap wheat, Rs 3 billion for utility stores and Rs 2 billion for metro bus travel.
A subsidy of Rs 30 billion has also been allocated for the New Pakistan Housing Project. But the IMF has called for an end to subsidies for electricity, gas and utility stores to release more money. So far, the IMF has released only $ 1.44 billion of the loan program. A $6 billion loan program was agreed with the IMF.
