The Inter-national Monetary Fund has finally agreed to give a $5.3 billion loan to Pakistan. Sources said a breakthrough on fresh loan was made during policy-level talks held on Monday in Islamabad. The Pakistan team was led by Finance Minister Ishaq Dar while IMF's Jeffrey Frank led his mission. Pakistan will formally file a loan application Tuesday (today).
Spokesman to the Finance Ministry claimed that Pakistan had addressed IMF's reservations over energy sectors and taxation targets. The authorities assured IMF that tax net would be expanded and subsidies in power sector would be reduced gradually during the new fiscal year.
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