The International Monetary Fund (IMF) executive board on Monday approved the seventh and eight review of the stalled bailout programme (Extended Fund Facility) for Pakistan.
Minister for Finance, Miftah Ismail, announced the development on Twitter. “Alhamdulillah, the IMF board has approved the revival of our EFF programme.” said Finance Minister, Miftah Ismail. “We should now be getting the 7th & 8th tranche of $1.17 billion.” he added.
Alhamdolillah the IMF Board has approved the revival of our EFF program. We should now be getting the 7th & 8th tranche of $1.17 billion. I want to thank the Prime Minister @CMShehbaz for taking so many tough decisions and saving Pakistan from default. I congratulate the nation.
— Miftah Ismail (@MiftahIsmail) August 29, 2022
The minister thanked Prime Minister Shehbaz Sharif for making tough decisions and saving Pakistan from default. “I congratulate the nation,” he concluded his Tweet.
It is pertinent to mention that Pakistan entered the bailout program or Extended Fund Facility (EFF) with the International Monetary Fund (IMF) during Pakistan Tehreek-e-Insaf (PTI) tenure in 2019 and received the last disbursement in February and the next tranche that was set to be disbursed in March after review was put on hold by the Washington-based lender after Former Prime Minister Imran Khan reduced prices of petroleum products through massive subsidies.
However, the coalition government has been able to revive the IMF bailout programme after completing all the conditions after coming into power in April.
The executive board of the International Monetary Fund (IMF) today reviewed the progress and decided to revive the EFF programme and approved the seventh and eight loan tranches.
Pakistan is now likely to receive the seventh tranche ($1.17) of the EFF within six days.
The global-lender is yet to confirm the development.
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