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An International Monetary Fund (IMF) team arrived in Pakistan on Friday, to hold talks as they requested a longer and larger size of bailout package under the Extended Fund Facility (EFF), as reported by Geo News.
An International Monterey Fund (IMF) team on Friday reached Pakistan to hold talks regarding the South Asian nation's request for a longer and larger size of bailout package under the Extended Fund Facility (EFF). A support team of the global lender is expected to discuss the first phase of the next long-term loan programme with the country's financial team, according to the sources. The sources added that the advance party has reached Pakistan for talks while the IMF mission will arrive on the night of May 16, Geo News reported. Moreover, the team will receive data from different departments and will also discuss the upcoming budget 2025 with the Pakistan Ministry of Finance. According to the sources, the team will be in Pakistan for over 10 days. Pakistan sought a next bailout package in the range of USD 6 to USD 8 billion for the three years under the EEF with a possibility of augmentation through climate financing, The News International reported last month. Last month, Pakistan completed a USD 3 billion short-term program that saved it from defaulting. The IMF Executive Board completed the second review under the stand-by arrangement in its meeting on April 29 and approved the disbursement for Pakistan. The State Bank of Pakistan (SBP) received USD 1.1 billion from the IMF on April 30. Meanwhile, some days ago, the federal government decided to stop providing subsidies to government officials ahead of the IMF mission's visit on a new loan package. According to media reports, the subsidy given to Customs officers from grades 17 to 22 has also been abolished. They added that the subsidized house rent and medical charges to customs officers have been abolished, Samaa TV reported. (ANI)
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