Signed LoI sent to IMF for approval of US$1.17 bn tranche: Miftah Ismail

ISLAMABAD: Finance Minister Miftah Ismail on Wednesday announced that Pakistan has sent back the signed letter of intent (LoI) to the International Monetary Fund (IMF), ARY NEWS reported.

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.

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

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.

Furthermore, responding to a query regarding imposition of taxes through an ordinance, the finance minister said any decision in this regard will be taken by the prime minister.

When further asked if sugar mills would be allowed to export additional sugar in the country, Miftah said that they would decide on the matter, once the matter was raised the Economic Coordination Committee (ECC).