*The International Monetary Fund (IMF) board on Monday approved the seventh and eighth reviews of Pakistan’s Extended Fund Facility Programme (EFF), Finance Minister Miftah Ismail said in a tweet.*
The approval means Pakistan will get $1.17 billion in funds.
“The IMF Board has approved the revival of our EFF program. We should now be getting the 7th & 8th tranche of $1.17 billion,” Miftah Ismail said on Twitter.
Miftah Ismail also thanked Prime Minister Shehbaz Sharif for “taking tough decisions and saving Pakistan from default”.
IMF staff and the Pakistani authorities had reached a staff level agreement on policies to complete the combined 7th and 8th reviews of Pakistan’s Extended Fund Facility (EFF). The agreement is subject to approval by the IMF’s Executive Board.
On August 12, the International Monetary Fund (IMF) agreed to the letter of intent forwarded by Pakistan and returned it to the country for signing it.