ISLAMABAD: The International Monetary Fund (IMF) has approved the revival of Extended Fund Facility (EFF) program for disbursement of $1.17 billion for seventh and eight tranche.
Finance minister Miftah Ismail tweeted that “Alhamdolillah the IMF Board has approved the revival of our EFF program. We should now be getting the 7th and 8th tranche of $1.17 billion. I want to thank the Prime Minister Shahbaz Sharif for taking so many tough decisions and saving Pakistan from default. I congratulate the nation”.
It is pertinent to note that the executive board meeting of the International Monetary Fund considered the provision of credit to Pakistan’s bailout package and approved the 7th and 8th tranche of $1.17 billion besides extending the program for one more year.
Previously in July IMF had reached a staff-level agreement with Pakistan paving the way for the disbursement of $1.17 billion, subject to approval by the IMF’s Executive Board.
“The IMF team has reached a staff-level agreement (SLA) with the Pakistan authorities for the conclusion of the combined seventh and eighth reviews of the EFF-supported program. The agreement is subject to approval by the IMF’s Executive Board. Subject to Board approval, about $1,177 million (SDR 894 million) will become available, bringing total disbursements under the program to about $4.2 billion,” the IMF said in a statement at the time.
