ISLAMABAD: Finance Minister Miftah Ismail said on Saturday that the government and the International Monetary Fund (IMF) will achieve a staff-level agreement next month, in June.

The federal government agreed to hike the price of petroleum goods by Rs30 on Thursday, raising hopes that the IMF programme would be revived because of the subsidies offered on oil and electricity.

The money — under the Extended Fund Facility (EFF) — will be released following final clearance by the IMF board, Miftah stated at a news briefing with Minister of State for Finance Ayesha Ghous Pasha.

Pakistan has asked that the Fund, which must contribute $3 billion, prolong the programme by one year and provide an extra $2 billion, according to the ministry.

According to the finance minister, if the international money lender agrees to supply Pakistan with the extra funds, the country may expect to receive roughly $5 billion from the Fund.

He said that the IMF programme is vital not only because the nation receives monies from the Fund, but also because it helps open doors to further funding from other multilateral institutions such as the World Bank and the Asian Development Bank.

Pakistan will get money from multilateral organizations after the Fund delivers the current tranche, according to the finance minister, who noted that roughly $8.9 billion was already in the queue from the World Bank.

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