ISLAMABAD: The federal caretaker government has banned the release of supplementary grants on the demand of the International Monetary Fund.
According to the details, the report states that only the next elected government will have the authority to issue supplementary grants, while the federal government will not have any such authority.
Additionally, government ministries and departments will be released a certain amount and will also be directed not to exceed their limits.
Earlier, Pakistan received a loan tranche of $700 million from the International Monetary Fund (IMF) under a 9-month Standby Arrangement (SBA).
The development comes days after the IMF's Executive Board completed its first review of Pakistan's economic reform program with support from the SBA.
The board's decision authorized the immediate distribution of approximately $700 million, bringing the total payout under the arrangement to approximately $1.9 billion.
The IMF's approval follows a staff-level agreement reached between the fund and Pakistan on November 15, 2023, which emphasized the nation's commitment to implementing key reforms.
The agreement is expected to advance planned fiscal consolidation, accelerate cost-cutting reforms in the energy sector, complete the return to a market-determined exchange rate, and attract investment and support jobs. For government agencies and authorities to advance governance reforms Supports commitment. Creation, while continuing to strengthen social assistance
The IMF's current $3 billion program is set to expire in the second week of April 2024, leaving about $1.8 billion unfunded. The fund released its first tranche of $1.2 billion in July.
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