ISLAMABAD – Pakistan got $1.053 billion from the International Monetary Fund (IMF) on Friday following the satisfactory conclusion of the 6th review of Pakistan’s Extended Fund Facility (EFF) programme.
The State Bank tweeted, “Following the successful conclusion of the 6th review of the IMF programme, #SBP has received the next tranche of $1.053 billion.”
On Wednesday, the international lender approved the sixth tranche of Pakistan’s EFF programme.
The IMF mission led by Ernesto Ramirez Rigo undertook virtual conversations in the framework of the 2021 Article IV consultations and the sixth assessment of the authorities’ reform programme funded by the IMF’s Extended Fund Facility from October 4 to November 18, 2021. (EFF).
The Pakistani authorities and IMF staff had reached a staff-level agreement on the policies and reforms required to complete the sixth review under the EFF, but the agreement was subject to approval by the Executive Board after the implementation of prior actions, particularly fiscal and institutional reforms.
It is worth noting that the fund authorised a $6 billion, three-year credit facility for Pakistan in July 2019 to assist revive the country’s faltering economy.