SBP on Friday announced that it has received $1.05 billion from the International Monetary Fund (IMF) following the successful conclusion of the sixth review of the External Fund Facility (EFF).
The IMF decided to resume the stalled $6 billion loan programme, after the conclusion of the 2021 Article IV consultation and the sixth review of the extended arrangement under the EFF for Pakistan.
The completion of the sixth review allowed the authorities to draw the equivalent of SDR 750 million (about $1 billion), bringing total purchases for budget support under the programme to SDR 2,144 million (about $3 billion).
The EFF was approved by the board on July 3, 2019 for SDR 4,268 million (about $6 billion).
The programme aims to support Pakistan’s policies to help the economic recovery from the Covid-19 pandemic, ensure macroeconomic and debt sustainability, and advance structural reforms to lay the foundations for strong, job-rich, and long-lasting growth that benefits all Pakistanis.
The next review (seventh) under the $6 billion EFF programme will be due in April 2022. The last and final eighth review is expected to be done in September 2022.
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