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IMF approves tranche worth $501.4mn to Pakistan under the EFF

WASHINGTON: The Executive Board of the International Monetary Fund (IMF) on Friday completed the sixth review of Pakistan’s economic performance under a 36-month program supported by an Extended Fund Facility (EFF) arrangement, ARY News has learnt.

The Board’s decision enables the immediate disbursement of an amount equivalent to  $501.4 million, bringing total disbursements under the arrangement to $3.5 billion.

On September 4, 2013, the Executive Board approved the three-year extended arrangement under the EFF in the amount of US$6.12 billion, or 425 percent of Pakistan’s quota at the IMF.

According to press release issued by IMF, at the conclusion of the Executive Board’s discussion, Acting Chair and Deputy Managing DirectorMr. Mitsuhiro Furusawa issued stated that  “The authorities’ strong performance under Pakistan’s Fund-supported program is to be commended.”

The statement further added that progress has been made in restoring economic stability, improving growth prospects, and reducing crisis risks. It will be important to build on these gains and continue determined efforts to implement the reform agenda to achieve economic transformation and higher sustainable growth.

 

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