Pakistan, IMF reach staff-level agreement to pave way for release of $450m tranche

ISLAMABAD: Pakistan and the International Monetary Fund (IMF) have reached a staff-level agreement on policies and reforms to complete the second review of the reforms programme supported under the Extended Fund Facility (EFF), ARY News reported.

The agreement is subject to approval by the Fund’s management and consideration by its executive board.

The completion of the review will enable disbursement of around US$450 million under the EFF.

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Ernesto Ramirez Rigo, IMF Mission Chief for Pakistan, in a statement on the second review of the Extended Fund Facility (EFF) said: “Following discussions between International Monetary Fund (IMF) staff and the Pakistani authorities in Islamabad from February 3-13, which continued from the IMF headquarters in recent days, IMF staff and the Pakistani authorities have reached a staff-level agreement on policies and reforms needed to complete the second review of the authorities reform program supported under the EFF.”

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“The agreement is subject to approval by the IMF management and consideration by the Executive Board, which is expected in early April. Completion of the review will enable disbursement of SDR 328 million (around US$450 million).”