IMF

But because we are not in an IMF programme we are not compelled to do whatever they recommend.

According to the IMF, Pakistan has agreed to further increase the price of electricity from the next month.

Earlier, in her statement Lagarde said that she had decided to temporarily relinquish her responsibilities as MD IMF during the nomination period.

The government had agreed to increase the key interest rate by two percentage points under the 39-month IMF loan programme worth $6 billion.

The government has already fulfilled all the IMF conditions before signing of the agreement.

The IMF styles itself a saviour of sorts, mandated to protect countries in severe financial troubles, unable to pay international bills.

"Pakistan's deal with the IMF is now successful and an 'inflation bomb' has been dropped on the people [of Pakistan].

Senior Pakistan People's Party leader Khursheed Shah said, 'Following the deal with the IMF, unbearable inflation will be seen in the country.'

" Led by its Washington-based mission chief Ernesto Rigo, an IMF team visited Islamabad from April 28 to May 11.

The Manila-based lending agency requires a Letter of Comfort from the IMF to accept the request.

The country already owes $5.8 billion to the IMF on account of previous loans.

IMF states that this is quite a significant progress, taking into account the fact that the time interval between estimates was nine months.

The IMF team and Pakistani officials would discuss technical matters of the package so as to finalise the bailout programme.

President Mokgweetsi Masisi says Botswana is ready to tap the financial expertise and intellectual capital offered by the International Monetary Fund (IMF).