Islamabad, Pakistan, has informed the International Monetary Fund (IMF) of its intention to increase its exchange reserves by up to $13.6 billion for the upcoming fiscal year under a new loan program.
According to the details, Pakistan has given assurances to the IMF for the next fiscal year in the Memorandum of Economic and Financial Table.
According to documents from the Ministry of Finance, it has been disclosed that there is a confirmation to increase the exchange reserves for the upcoming fiscal year by up to $13.6 billion for the International Monetary Fund (IMF) and to enhance the central bank’s exchange reserves by up to $9 billion until the end of the current fiscal year.
The MEFP table states that during the next financial year, the loans of 6.34 billion dollars will be rolled over.
It is said in the document that the IMF has agreed to increase foreign capital by 1.31 billion dollars for the next financial year and it has been assured to increase the foreign investment to 70 million dollars in the current financial year.
Finance Ministry sources have said that SIFC will play a role in increasing foreign investment this financial year.
Assurances have been made between the Ministry of Finance and the IMF for a new loan program for the next financial year.
