Pakistan meets last pre-condition: IMF

Pakistan meets last pre-condition: IMF. The International Monetary Fund (IMF) on Tuesday said that Pakistan has fulfilled all previous actions by raising the Petroleum Development Levy (PDL) on petroleum products.

The IMF representative said that Pakistan has fulfilled the pre-conditions for joint seventh and eighth reviews.

This condition was fulfilled by increasing the PDL on July 31.

Along with this, Pakistan has also completed the preliminary process for the seventh and eighth reviews.

The IMF representative said that a board meeting would be convened once adequate financial assurances will be confirmed.

The board meeting can be tentatively called on August 24.

The representative said that the UAE, Saudi Arabia and China have given adequate financial assurance to provide the necessary financial support through the privatization process.

The International Monetary Fund (IMF) is an international financial institution, headquartered in Washington, D.C., consisting of 190 countries.

Its stated mission is “working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.”

Formed in 1944, started on 27 December 1945, at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international monetary system.

It now plays a central role in the management of balance of payments difficulties and international financial crises.

Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money. As of 2016, the fund had XDR 477 billion (about US$667 billion).