*ISLAMABAD: The International Monetary Fund (IMF) Executive Board hasstalled the loan program for Pakistan and extended its volume to $6.5billion from $6 billion, earlier.*

The Fund in a press release announced that the executive board completedthe combined seventh and eighth reviews of the “extended arrangement” underthe Extended Fund Facility (EFF) for Pakistan.

“The board’s decision allows for an immediate disbursement of SDR 894million (about $1.1 billion), bringing total purchases for budget supportunder the arrangement to about US$3.9 billion,” the statement read.

The economic growth rate of Pakistan in this fiscal year is expected to be3.5 per cent, unemployment in the country is likely to be 6 percent, andgovernment expenditure during this fiscal year are estimated at 17.1 percent of GDP link.

According to the IMF statement, by the end of this fiscal year, the foreignexchange reserves may reach 16 billion 22 crores, and the inflation ratemay reach 19.9 percent.

The Fund further added that in order to support programme implementationand meet the higher financing needs in FY23, as well as “catalyseadditional financing, the International Monetary Fund Board approved anextension of the EFF until end-June 2023, rephasing and augmentation ofaccess by SDR 720 million that will bring the total access under the EFF toabout $6.5 billion.”