IMF Executive Board approved new loan tranche for Pakistan
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WASHINGTON – The International Monetary Fund's Executive Board has approved Islamabad’s request for a $1 billion loan tranche.
Finance Czar, Shaukat Tarin, shared the development on official Twitter. “I am pleased to announce that IMF Board has approved 6th tranche of their programme for Pakistan”, he wrote on the microblogging platform.
IMF’s Executive Board officials meet in Washington on Wednesday to discuss and finalize Pakistan’s request for the completion of the sixth Review and release of a $1 billion tranche under the Extended Fund Facility (EFF).
Earlier, the Imran Khan-led government had successfully managed to get the State Bank Amendment Bill, 2021 cleared from Senate to checkmark all prerequisites for the stalled programme.
Reports in local media said the completion of this review allows for an immediate disbursement of about $1 billion to Pakistan, bringing total disbursements under the arrangement to around $3bn.
EFF aims to support Pakistan’s policies to help the economy and save lives and livelihoods amid 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 citizens.
The 6th review was earlier scheduled for January 12 but was postponed twice on Pakistan’s request, to attain more time for implementing IMF conditions.
Last year in November, a finance ministry delegation reached a staff-level agreement with the global lender after protracted talks in US capital.
