IMF approves $450mn installment for Pakistan under EFF

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ISLAMABAD: Pakistan and the International Monetary Fund (IMF) reached a staff-level agreement on the first review under the Extended Fund Facility on Friday,according to which Pakistan will receive another installment of US$450 million. International Monetary Fund (IMF) mission led by Ernesto Ramirez Rigo visited Islamabad from October 28 to November 8, 2019 to conduct discussions on the first review under the Extended Fund Facility (EEF).

At the end of the visit, Mr. Ramirez Rigo made the following statement: “The Pakistani authorities and IMF staff have reached a staff-level agreement on policies and reforms needed to complete the first review under the EFF. The agreement is subject to approval by IMF management and the Executive Board of Directors. Completion of the review will enable disbursement of SDR 328 million (or around US$ 450 million) and will help unlock significant funding from bilateral and multilateral partners.”

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“The IMF team is grateful to the Pakistani authorities for open and constructive discussions and their hospitality.”