WASHINGTON – The International Monetary Fund’s Executive Board has approvedIslamabad’s request for a $1 billion loan tranche.
Finance Czar, Shaukat Tarin, shared the development on official Twitter. “Iam pleased to announce that IMF Board has approved 6th tranche of theirprogramme for Pakistan”, he wrote on the microblogging platform.
IMF’s Executive Board officials meet in Washington on Wednesday to discussand finalize Pakistan’s request for the completion of the sixth Review andrelease of a $1 billion tranche under the Extended Fund Facility (EFF).
Earlier, the Imran Khan-led government had successfully managed to get theState Bank Amendment Bill, 2021 cleared from Senate to checkmark allprerequisites for the stalled programme.
Reports in local media said the completion of this review allows for animmediate disbursement of about $1 billion to Pakistan, bringing totaldisbursements under the arrangement to around $3bn.
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EFF aims to support Pakistan’s policies to help the economy and save livesand livelihoods amid the Covid-19 pandemic, ensure macroeconomic and debtsustainability and advance structural reforms to lay the foundations forstrong, job-rich, and long-lasting growth that benefits all citizens.
The 6th review was earlier scheduled for January 12 but was postponed twiceon Pakistan’s request, to attain more time for implementing IMF conditions.
Last year in November, a finance ministry delegation reached a staff-levelagreement with the global lender after protracted talks in US capital.
