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The International Monetary Fund (IMF) Board approved on Monday the revival of Pakistan’s Extended Fund Facility Programme (EFF).
Minister for Finance Miftah Ismail in his tweet said that now Pakistan would receive the 7th and 8th tranche of $1.7 billion from the IMF.
“Alhamdolillah the IMF Board has approved the revival of our EFF program. We should now be getting the 7th & 8th tranche of $1.17 billion.”
Alhamdolillah the IMF Board has approved the revival of our EFF program. We should now be getting the 7th & 8th tranche of $1.17 billion. I want to thank the Prime Minister @CMShehbaz for taking so many tough decisions and saving Pakistan from default. I congratulate the nation.
— Miftah Ismail (@MiftahIsmail) August 29, 2022
He alos thanked Prime Minister Shehbaz Sharif for taking so many tough decisions and saving Pakistan from default.
He also congratulated the nation on the good news.
A few minutes before the finance minister’s tweet, Planning Minister Ahsan Iqbal also announced the development on his Twitter handle.
IMF approves Pakistan Programme despite PTI’s treacherous act!
🇵🇰🇵🇰🇵🇰— Ahsan Iqbal (@betterpakistan) August 29, 2022
Pakistan entered the programme with the Fund in 2019, however, Islamabad struggled to keep targets on track due to which only half the funds had been disbursed.
The cash-strapped nation received that last disbursement in February and the next tranche was to follow after review in March, but the government of ousted prime minister Imran Khan slashed the petroleum prices by massively giving subsidies to the nation which threw fiscal targets and the programme off track.
However, after months-long efforts of the coalition government — that came into power in April — Pakistan reached the staff-level agreement with the Washington-based lender in July after completing all prior conditions. The Executive Board today reviewed the progress and decided to resume the programme and approved the seventh and eighth loan tranches.
Pakistan is now likely to receive a $1.17 billion loan tranche from Fund within six days. However, the global lender has not confirmed the development yet.
