The government is optimistic that since the International Monetary Fund (IMF) is satisfied with the national budget, made in the light of its demands, the prospects for a new loan programme for the country are now brighter, reported 24NewsHD TV channel on Monday.
Sources in the Ministry of Finance told 24News that with the approval of the budget, one of the biggest conditions set by the IMF had been fulfilled and that steps were now being taken to meet the Fund’s remaining demands.
Giving details, the sources said that work was underway to raise the basic power tariff in light of the National Electric Power Regulatory Authority’s (NEPRA) decision and that the new tariff would take effect in July.
The sources revealed that there were chances of Pakistan and the IMF striking a deal on a new loan programme in July. The volume of the programme could be between $6 billion and $8 billion, they said, adding, however, it total volume was still to be determined.
They informed that the programme would be for a three-year period.
A day ago, President Asif Ali Zardari signed the tax-laden Finance Bill 2024-25 into law, which took effect today on July 1, 2024, on the first day of the new financial year.
Two days ago, the parliament had passed the bill amid an annual inflation projection of up to 13.5 percent for June.
Reporter: Waqas Azeem