IMF approves revival of Pakistan’s EFF programme

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.

Alhamdolillah the IMF Board has approved the revival of our EFF program. We should now be getting the 7th & 8th tranche of $1.17 billion. I want to thank the Prime Minister @CMShehbaz for taking so many tough decisions and saving Pakistan from default. I congratulate the nation.

— Miftah Ismail (@MiftahIsmail) August 29, 2022

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.

The letter of intent was prepared by Pakistan a month back and since then IMF has been satisfied over its points and action plan.

Earlier On August 02, the International Monetary Fund (IMF) confirmed that Pakistan has achieved all the set targets for the revival of Extended Fund Facility (EFF) programme.

Exclusively talking to ARY News, International Monetary Fund’s (IMF) resident representative in Islamabad, Esther Perez Ruiz said Pakistan has achieved all the financial targets set by the fund and the last action was accomplished on July 31 by extending levy on petrol.

Ruiz said the 7th and 8th reviews have been completed and the Fund’s Executive Board will meet in the third week of August. Esther Perez hoped that Pakistan will take steps to narrow the funding gap till the board’s meeting.