IMF executive board meets today to release Pakistan’s loan

ISLAMABAD: A crucial meeting of the Executive Board of the International Monetary Fund (IMF) will be held today (Monday) for approving the release of a loan tranche of US$1.17 billion for Pakistan.

The IMF executive board will review the seventh and eighth economic review of the country and will consider extending the timeframe of the IMF loan programme besides also extending its amount from US$6 billion to US$7 billion.

The Pakistani government has requested an exemption from some targets set by the IMF and the executive board will also consider it. Following the approval of the release of the IMF loan tranche, it is being expected that friendly countries will invest in Pakistan.

On August 15, Finance Minister Miftah Ismail announced that Pakistan sent back the signed letter of intent (LoI) to the International Monetary Fund.

Speaking to media in Islamabad, Miftah Ismail said that the LoI was sent to the    IMF after being signed by him and acting governor of State Bank of Pakistan (SBP).

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.

‘Pakistan achieved all targets’

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 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.