• Download the Constitution of Pakistan
  • Advertise
Friday, August 1, 2025
  • Login
NEWSLETTER
ECONOMY
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology
No Result
View All Result
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology
No Result
View All Result
ECONOMY
No Result
View All Result
Home Business

Pakistan receives letter of intent from IMF, inches closer to sealing bailout deal

by News Publishing
August 12, 2022
in Business, Finance
Reading Time: 1 min read
0
Govt ready to meet all IMF demands to revive loan program
Share on FacebookShare on TwitterLinkedinWhatsapp

Islamabad received the letter of intent (LOI) from the international lender a few days after Pakistan and the IMF established a staff-level agreement. An LOI is a document that states a party’s preliminary commitment to conduct business with another.

The receipt of LOI indicates that Pakistan’s agreement with the IMF to disburse two tranches totaling $1.17 billion under a loan facility that has stalled is getting closer to completion.

Now, the Finance Minister Miftah Ismail and Acting SBP Governor Murtaza Syed must both sign the letter.

A staff-level agreement between the IMF and Pakistan was achieved in the second week of July, following months of the government’s hugely unpopular efforts to tighten its belt. The government, which took office in April and has since practically eliminated fuel and power subsidies. 

The Fund’s board would examine the staff-level agreement at a meeting scheduled for August 29. The board would also think about increasing a $6 billion program approved in 2019 by $1 billion.

In order to satisfy the demands of global financial institutions, the new government cut a variety of subsidies, but in doing so, it risks offending the populace, which is already suffering from double-digit inflation.

An original $6 billion bailout package was signed by former prime minister Imran Khan in 2019, but repeatedly stalled when his government reneged on subsidy agreements and failed to significantly improve tax collection.

Tags: Finance Minister Miftah Ismaillatestletter of intentstaff-level agreement
News Publishing

News Publishing

Related Posts

Smartphones 2025

Mobile Phone Sales Drop 12% in FY25

by Anum Arif
July 31, 2025
0

KARACHI: Mobile phone sales in Pakistan witnessed a 12% year-on-year decline during the financial year 2024–25, with total handset sales...

Pakistan, Russia sign Protocol to restore & modernize PSM

Pakistan, Russia sign Protocol to restore & modernize PSM

by News Publishing
July 11, 2025
0

Pakistan and Russia have signed a Protocol to restore and modernize Pakistan Steel Mills (PSM) in Karachi, reaffirming their long-standing...

PSX soars to new high of over 133,000 points in intraday trade

PSX soars to new high of over 133,000 points in intraday trade

by News Publishing
July 7, 2025
0

July 8, 2025: The Pakistan Stock Exchange (PSX) continued its remarkable upward trend on Monday, as the KSE-100 index surged...

Pakistan, Azerbaijan sign $2billion investment agreement

Pakistan, Azerbaijan sign $2billion investment agreement

by News Publishing
July 5, 2025
0

Pakistan and Azerbaijan have signed an agreement for investment worth two billion dollars in diverse sectors of Pakistan's economy. The...

Petrol price increased by Rs8.36 per litre for next fortnight

Petrol price increased by Rs8.36 per litre for next fortnight

by News Publishing
July 1, 2025
0

The Finance Division has announced a significant increase in fuel prices, citing volatility in global crude oil markets. Effective from...

Petrol increase

Petrol Prices Likely to Rise by Rs5/Litre from July 1

by Anum Arif
June 30, 2025
0

ISLAMABAD: Prices of petroleum products in Pakistan are likely to rise by up to Rs5 per litre starting Monday, July...

Next Post
Textile exports to dip by $3bn due to govt policies

Textile exports to dip by $3bn due to govt policies

About Us

Economy.pk is a source of economic, political, business, finance, health and sports updates.

Important Categories

  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology

Social Media

  • Facebook
  • Instagram
  • Twitter
  • Linkedin
  • YouTube
  • Linkedin
  • TikTok
  • WhatsApp
  • About
  • Advertise
  • Careers
  • Contact

© 2024 Economy.pk - Web Development by Digital Otters

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology

© 2024 Economy.pk - Web Development by Digital Otters