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Pakistan reviews FY2024 budget to secure stalled IMF package

Reuters |
Jun 24, 2023 05:31 PM IST

Pakistan on Saturday reviewed some of the measures in the fiscal 2024 budget as a last-ditch effort to clinch the stalled IMF loan.

Pakistan introduced a number of changes to its fiscal 2024 budget on Saturday, said Finance Minister Ishaq Dar, in a last-ditch effort to clinch a stalled rescue package with the International Monetary Fund.

Pakistan's Prime Minister Shehbaz Sharif.(REUTERS)

"Pakistan and IMF had detailed negotiations as a last effort to complete the pending review," he told parliament.

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For the fiscal year starting next month, Pakistan will raise a further 215 billion rupees ($752 million) in new tax and cut 85 billion rupees ($300 million) in spending, as well as a number of other measures to shrink fiscal deficit, he said.

The review came a day after Prime Minister Shehbaz Sharif met with IMF Managing Director Kristalina Georgieva on the sidelines of the Global Financing Summit in Paris.

About a week remains before the IMF's Extended Fund Facility agreed in 2019 expires on June 30.

Under the $6.5 billion facility's ninth review, negotiated earlier this year, Pakistan has been trying to secure $1.1 billion of funding stalled since November.

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