COAS asks US to push IMF for immediate supply of $1.2 loan tranche

RAWALPINDI: Chief of Army Staff (COAS) General Qamar Javed Bajwa has become active to steer country of economic crisis and sought US help for the immediate revival of the International Monetary Fund (IMF) loan programme to avoid default.

According to international media, COAS Qamar Javed Bajwa spoke by phone with US Deputy Secretary of State Wendy Sherman to seek help in accelerating loan revival process.

COAS Bajwa made an appeal for the White House and Treasury Department to push the IMF to immediately supply nearly $1.2 billion that Pakistan is due to receive under a resumed loan program.

It may be noted that the chief of army staff had been playing his role to take Pakistan out of the economic crunch situation and in the past, he had contacted Saudi Arabia, UAE, China and other friendly countries for the financial assistance.

Read more: ‘Pakistan to receive IMF’s tranche in third week of August’

Earlier on July 14, the International Monetary Fund (IMF) and Pakistan reached a staff-level agreement for the release of US$1.17 billion under the combined 7th and 8th reviews of Pakistan’s Extended Fund Facility (EFF).

A statement issued by the Fund said that the agreement is subject to approval by the IMF’s Executive Board.

“Additionally, in order to support program implementation and meet the higher financing needs in FY23, as well as catalyze additional financing, the IMF Board will consider an extension of the EFF until end-June 2023 and an augmentation of access by SDR 720 million that will bring the total access under the EFF to about US$7 billion.”