Sharif: Hopeful of bailout approval by IMF board

ISLAMABAD: Pakistan's PM Shehbaz Sharif said on Tuesday that his govt was working on implementing IMF's conditions, hoping the multilateral lender's executive board would approve the bailout programme reached with the cash-strapped country in July.
Last July, Sharif's administration had secured a $7-billion loan from IMF on the condition that it would introduce stringent reforms to strengthen tax collection and increase revenue.
On the global lender's demand, Islamabad had unveiled a tax-heavy budget last June to raise 13 trillion rupees by next year - a 40% increase from the current financial year. There has also been a 20-30% tariff increase on electricity and other energy products, hitting the common man hard.
"All the prerequisites and conditions for our programme with IMF are fully under supervision, and actions are being implemented to fulfil them. God willing, we are hopeful that all the conditions and requirements of IMF will be fulfilled on time," Sharif, who heads a weak coalition govt, told his cabinet. "Our case will go to IMF's executive board for approval, and a new journey will begin, but we should keep one thing in mind that this should be the country's last loan deal," the PM said.
Since joining the multilateral lender in 1950, Pakistan has secured 24 IMF bailouts, the latest being subject to approval by the lender's executive board and the confirmation of necessary financing assurances from the country's development and bilateral partners.