International Monetary Fund has finally released the strings attached to its Pakistan credit, which binds the government of Pakistan not borrowing any more during the current fiscal year from the State Bank of Pakistan, while the subsidy on electricity would be withdrawn by June 2009. International Monetary Fund (IMF) has made public the binding clauses incorporated in the finalized agreement for $7.6 billion loan extended to Pakistan. IMF 23 months long loan program conditions spread over a document containing 24 pages said that Pakistan would have to raise its national growth rate to 7 percent and bring down the inflation rate to 5 percent by 2012, while the target of keeping the foreign current account deficit restricted to $10.6 billion i.e. 6.5 percent of the GDP by the end of the current fiscal year has been given. The target for Pakistan’s economic growth for the next fiscal year has been set at 5 percent, while that of inflation at 13 percent.
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