Amidst the troubled economy, Pakistan has reached news $7 billion loan deal with the IMF on Friday to support its economic as well as debt problems.

Regarding the new loan program, Finance Minister Muhammad Aurangzeb said that the government is intending to secure a long-term loan to help in stabilizing the economy when the bailout end.

The new loan program will last for 3.7 years. It aimed to strengthen the fiscal and monetary policy as well as to bring reforms in the arena of tax collection to make it broaden, secure a level playing field for investment, improve the management of state owned enterprises, enhance human scales, said the IMF.

The program aims to capitalize on the hard-won macroeconomic stability achieved over the past year by furthering efforts to strengthen public finances, reduce inflation, rebuild external buffers and remove economic distortions to spur private sector-led growth, said Nathan Porter, IMF’s mission chief to Pakistan.

The coalition government is hopeful to make this news loan program successful for the people of Pakistan.

The Finance Minister announced that the government plans to collect $44 billion taxes which would be 40% more than in the current fiscal year.