Pakistan and the International Monetary Fund (IMF) have reached a staff-level agreement, with the international lender expected to release a statement regarding the release of the first tranche of 1.2 bln dollars shortly, sources told Aaj News.

The IMF is yet to confirm the news as it doesn’t comment on talks with countries prior to the release of an official statement.

The programme will be increased by one billion dollars by the IMF, sources added, increase the Extended Fund Facility to $7 billion.

The IMF will also announce to extend the loan program until 2023, sources said.

IMF ‘demands’

Sources had told Aaj News about the IMF demands when the global lender and Pakistan confirmed the progress in bailout talks.

• Expand the tax target from Rs7,005 billion to 7,450 billion
• Customs collection to increase from Rs950 billion to Rs1,005 billion
• Rs5 per litre petroleum levy on POL products every month, amounting to a total of Rs50
• Sales tax on petroleum products be levied at the rate of 11% from July 1
• Increasing the GST collection target from Rs3,008 billion to 3,300 billion
• Jack up income tax collection target by Rs55 billion
• Budget deficit to stand at Rs3,900 billion