The IMF received major assurances ahead of the new general elections.
On the conditions of the IMF, Pakistan assured that the difference between the open and interbank rates of the dollar will not be more than 1.25 percent.
Pakistan has also assured the IMF of reducing energy subsidies and raising revenue in addition to lifting import restrictions.
Pakistan has also pledged to reduce salary and pension costs and increase funding for the Benazir Income Support Program.
More important terms agreed with the IMF for the new loan program include a commitment to implement FATF provisions against money laundering and terror financing.
In this regard, the document states that an electronic asset declaration system has been established to prevent corruption. Officers in grades 17 to 22 will not be able to conceal external assets.
According to the IMF document, law enforcement agencies including banks will have access to the information, in this regard, all banks will be obliged to give feedback to the FBR.
According to the document, the annual asset declaration of elected or unelected public representatives will be made public, the Central Monitoring Unit will issue performance reports of public institutions.
The document also states that it is committed to provide inflation-adjusted relief to the poorest of the poor, with the increase in basic tariff in the energy sector taking effect from July 1.
The IMF has also been assured not to intervene or impose restrictions on the exchange rate market and address deficiencies in the housing and construction sector.
In addition, the IMF has also received major assurances ahead of the new general elections in Pakistan.
All major political parties have given written assurances to implement the new debt agreement.
PML-N, PTI and PPP are determined to stick to the IMF loan agreement.
According to the IMF document, major political parties have endorsed the objectives and policies of the program. The Standby Arrangement Agreement will play an important role in restoring macroeconomic stability.
According to the IMF, the deal will help secure external financing in the coming months.
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