KARACHI, Pakistan :Pakistan will be required to give an assurance that its balance of payments deficit is fully financed for the remaining period of an International Monetary Fund (IMF) programme, the lender's resident representative said.The external financing is one of the last in a string of prior actions
KARACHI, Pakistan :Pakistan will be required to give an assurance that its balance of payments deficit is fully financed for the remaining period of an International Monetary Fund programme, the lender's resident representative said.
Pakistan hopes to sign a staff level agreement with the IMF after over a month of negotiations to settle policy framework issues aimed at curtailing the fiscal deficit ahead of the annual budget around June. "All IMF programme reviews require firm and credible assurances that there is sufficient financing to ensure that the borrowing member's balance of payments is fully financed ... over the remainder of the programme. Pakistan is no exception," IMF's Ruiz said.
He said Pakistan needed $5 billion external financing for the balance of payments deficit in the fiscal year ending June 30, adding the IMF believed it should be $7 billion.
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