KARACHI: Pakistan Stock Exchange above the 98,000 mark on Friday as share prices surged more than 2,000 points in intraday trade
Negotiations between Pakistan and IMF successful, agree to increase salaries, pensions
ISLAMABAD: Pakistan and the International Monetary Fund (IMF) have agreed to increase salaries and pensions in budget talks. Electricity and gas will not be increased until October 2020. Alternative revenues have been agreed to control the budget deficit.
According to sources in the Ministry of Finance, the IMF has agreed to provide relief in the first quarter of the next financial year and agreed on alternative revenues to control the budget deficit. The IMF has been assured that Pakistan Taxes will increase revenue.
According to sources, the IMF will relax the conditions till the first quarter of the next financial year and the federal government will maintain the condition of not borrowing from the SBP.
Finance Ministry officials assured the IMF that most of the terms of the current loan program would be met after October. Pakistan will stick to the existing loan program.
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