{"id":315400,"date":"2023-02-23T08:57:44","date_gmt":"2023-02-23T03:57:44","guid":{"rendered":"https:\/\/leadpakistan.com.pk\/news\/?p=315400"},"modified":"2023-02-23T08:57:44","modified_gmt":"2023-02-23T03:57:44","slug":"imf-likely-to-announce-eff-agreement-this-week-naveed-qamar","status":"publish","type":"post","link":"https:\/\/leadpakistan.com.pk\/news\/imf-likely-to-announce-eff-agreement-this-week-naveed-qamar\/","title":{"rendered":"IMF likely to announce EFF agreement this week: Naveed Qamar"},"content":{"rendered":"<p> ISLAMABAD<br \/>\nFederal Minister for Commerce, Syed Naveed Qamar on Wednesday said that the International Monetary Fund (IMF) was likely to announce its staff level agreement on Extended Fund Facility (EFF) with Pakistan by this week.<br \/>\nTalking to an international news outlet Bloomberg, the federal minister said that Pakistan has taken all the measures needed to unfreeze a $6.5 billion credit line and expects to clinch the deal \u2018any day now\u2019.<br \/>\nAfter formal announcement by the fund, Pakistan would get a $1.2 billion tranche under the Extended Fund Facility (EFF).<br \/>\nNaveed Qamar said that the IMF agreement would give investors and creditors confidence that \u201cPakistan\u2019s economy was now stabilizing and has taken all the right steps, so in that sense their money would remain protected.<br \/>\n\u201cThe IMF program is the beginning, not the culmination, of all other monies flowing in\u201d he said, adding that a pickup in imports once the nation boosts its reserves will also benefit exports. Limited reserves restricted Pakistan\u2019s ability to fund imports, including intermediary goods, and stranded thousands of containers of supplies at ports.<br \/>\nPakistan authorities have taken steps including increasing taxes, cutting subsidies and devaluing its currency to meet IMF conditions, the Bloomberg reported. It is pertinent to mention here that the National Assembly on Monday passed the Finance (Supplementary) Bill, 2023 aimed to amend certain laws relating to taxes and duties.<br \/>\nThe bill proposed to impose new taxes of Rs 170 billion to minimize fiscal deficit. The International Monetary Fund (IMF) and Pakistan moved closer to the revival of $7 billion Extended Fund Facility (EFF) as the lender responded to the Memorandum of Economic and Financial Policies (MEFP) draft.<br \/>\nAccording to details, the Fund has responded to the Memorandum of Economic and Financial Policies (MEFP) draft \u2013 sent by officials of Ministry of Finance and Revenue. Meanwhile, sources said that IMF and finance ministry held virtual talks today, adding that the ninth review to the revival of $7 billion Extended Fund Facility (EFF) will be completed soon.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ISLAMABAD Federal Minister for Commerce, Syed Naveed Qamar on Wednesday said that the International Monetary Fund (IMF) was likely to announce its staff level agreement on Extended Fund Facility (EFF) with Pakistan by this week. Talking to an international news outlet Bloomberg, the federal minister said that Pakistan has taken all the measures needed to [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":262961,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[4],"tags":[12120],"class_list":{"0":"post-315400","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-national","8":"tag-naveed-qamar"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>IMF likely to announce EFF agreement this week: Naveed Qamar<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leadpakistan.com.pk\/news\/imf-likely-to-announce-eff-agreement-this-week-naveed-qamar\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF likely to announce EFF agreement this week: Naveed Qamar\" \/>\n<meta property=\"og:description\" content=\"ISLAMABAD Federal Minister for Commerce, Syed Naveed Qamar on Wednesday said that the International Monetary Fund (IMF) was likely to announce its staff level agreement on Extended Fund Facility (EFF) with Pakistan by this week. 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