Pakistan receives $1 billion IMF tranche

KARACHI: Pakistan has received $1.053 billion tranche from the International Monetary Fund (IMF) following the successful completion of the 6th review under the Extended Fund Facility (EFF), ARY News reported on Friday.

The central bank confirmed on Twitter, “Following the successful completion of the 6th review of the IMF program, SBP has received the next tranche of $1.053 billion.”

Following the successful completion of the 6th review of the IMF program, #SBP has received the next tranche of $1.053 billion.

— SBP (@StateBank_Pak) February 4, 2022

Earlier, the Executive Board of the International Monetary Fund (IMF) had approved a $1billion loan for Pakistan under the Extended Fund Facility (EFF) on Wednesday.

Federal Minister for Finance and Revenue Shaukat Tarin had confirmed in a post shared on his official Twitter handle. “I am pleased to announce that IMF Board has approved 6th tranche of their programme for Pakistan,” he wrote.

READ: IMF LOAN TRANCHE WILL BRING STABILITY TO ECONOMY: SHAUKAT TARIN

A session of the International Monetary Fund (IMF) Executive Board for review of Pakistan’s economy was held in Washington on Wednesday.

The Sixth Review and release of the $1 billion tranche under the Extended Fund Facility (EFF), scheduled on January 12, 2022, and later January 28, was postponed twice earlier after receiving the request from the Pakistani authorities.

The government had sought postponement of the sixth review to the pass recommended fiscal tightening measures, including the Finance (Supplementary) Bill, 2021, popularly known as mini-budget, and State Bank of Pakistan Amendment Bill 2021.

On January 29, the Senate passed the State Bank of Pakistan (SBP), Amendment Bill, with the majority vote.