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Pakistan Accepts One More Demand Of IMF By Hiking Policy Rate


ISLAMABAD: Pakistan has promised the International Monetary Fund (IMF) that it will increase its policy rate by 2% in order to meet the requirements set by the financier in order to restart the loan program.

Virtual negotiations with the IMF proceeded until late at night, according to sources with knowledge of the development, and IMF officials were “painstakingly reviewing” every aspect.

The sources stated that Pakistan, whose policy rate is presently at 17%, “has agreed to raise it by 2%.”

The sources also stated that the specifics of the power sector reforms are being finalized and that an agreement at the staff level will be signed following the resolution.

The power sector has continued to be a challenge because it has turned into one of the primary roadblocks.


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