ISLAMABAD – The International Monetary Fund has approved a 500 milliondollar disbursement to Pakistan as part of the $6 billion bailout packageit signed in July 2019.
A statement issued by the US-based lender stated that IMF Executive Boardcompleted today the combined second through fifth reviews of the ExtendedArrangement under the Extended Fund Facility (EFF) for Pakistan.
IMF Deputy Managing Director Antoinette Sayeh said that the latest paymentbrought total disbursements under the Extended Fund Facility to 2 billiondollars. Pakistan has continued making satisfactory progress under theprogram, the official further added.
Adding that while the ongoing coronavirus pandemic continues to pose novelchallenges, the authorities’ policies have been critical in supporting theeconomy and saving livelihoods.
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Pakistan had signed the 39-month bailout program with the global monetarycooperation to avert a sovereign default because of a balance of paymentcrisis.
The authorities have also continued reforming corporate taxation andimproving cost recovery in the power sector. The electricity prices havealso been raised to contain debt in the sector.
