Islamabad: The International Monetary Fund (IMF) on Tuesday said that Pakistan has fulfilled all previous actions by raising the Petroleum Development Levy (PDL) on petroleum products.
The IMF representative said that Pakistan has fulfilled the pre-conditions for joint seventh and eighth reviews.
This condition was fulfilled by increasing the PDL on July 31. Along with this, Pakistan has also completed the preliminary process for the seventh and eighth reviews.
The IMF representative said that a board meeting would be convened once adequate financial assurances will be confirmed. The board meeting can be tentatively called on August 24.
The representative said that the UAE, Saudi Arabia and China have given adequate financial assurance to provide the necessary financial support through the privatization process.
Earlier on July 14, the International Monetary Fund (IMF) and Pakistan reached a staff-level agreement for the release of $1.17 billion under the combined 7th and 8th reviews of Pakistan’s Extended Fund Facility (EFF).
A statement issued by the Fund said that the agreement is subject to approval by the IMF’s Executive Board.
“Additionally, in order to support program implementation and meet the higher financing needs in FY23, as well as catalyze additional financing, the IMF Board will consider an extension of the EFF until end-June 2023 and an augmentation of access by SDR 720 million that will bring the total access under the EFF to about $7 billion.”
