KARACHI: Government has agreed on reducing its development budget by 12.5% as a meeting with the International Monetary Fund (IMF) concluded on Thursday, sources said.
“Development budget for current fiscal year was set at Rs700 billion, but after its meeting with the IMF, the government will have to cut short Rs87.5 billion,” sources told Geo News.
The government has reportedly assured the IMF that it will not invest more than Rs600 billion on development.
On May 12,the IMF reviewed Pakistan’s economic performance and said to make available a further $510 million to the country as part of a three-year, $6.7 billion financial assistance programme.
Discussions with Pakistan on the twelfth and last review under the IMF programme are tentatively planned for August.
— File photo by Reuters