The IMF says it “appreciates” Pakistan’s decision to raise petrol prices.

Sources claim that virtual negotiations over the budget’s efforts to achieve the requirements were held between Pakistan and the IMF.

According to sources, the IMF was briefed on Pakistan’s efforts to raise gas prices as well as other economic policies included in the budget.

According to sources, talks are currently taking place for a new loan program, and this month’s signing is anticipated.

The Ministry of Finance claims that all prerequisites for holding talks with the IMF have been satisfied.

The International Monetary Fund (IMF) called for additional action from Pakistan on June 29 and described the ratification of the budget for 2024–25 as insufficient.

According to sources, the IMF wants Pakistan to quickly implement the NEPRA decision about the rise in gas and power tariffs and raise electricity and gas rates starting on July 1.

According to insiders, the IMF also insisted that tax breaks and subsidies be eliminated because they were deemed “essential” to the nation’s economic recovery.

Officials from the finance ministry later predicted that a deal for the new loan scheme will be signed in July. The new program’s budget has not yet been decided upon, although it is anticipated to be between $6 billion and $8 billion.

It is anticipated that the new loan program with the IMF will run for three years.

The Federal Budget, which has a total expenditure of Rs18,870 billion for the fiscal year 2024–25, was passed by the National Assembly (NA) on July 28.