ISLAMABAD -The Worldwide Financial Fund (IMF) board on Monday accepted the seventh and eighth evaluations of Pakistan’s bailout programme, Finance Minister Miftah Ismail mentioned, which can launch $1.17 billion in funds to the cash-strapped nation.
He additionally mentioned the IMF had agreed to increase the programme by a yr and increase the funds by $1 billion.
The funds shall be a lifeline to the South Asian nation, at present affected by devastating floods, whose overseas trade reserves have fallen to ranges that cowl solely a month of exports and whose financial system has wrangled with an enormous present account deficit and excessive inflation.
“The IMF Board has accepted the revival of our EFF program. We must always now be getting the seventh & eighth tranche of $1.17 billion,” Ismail mentioned on Twitter.
The IMF‘s resident consultant in Islamabad didn't instantly reply to a request for remark.
Pakistan’s 36-month, $6 billion Prolonged Fund Facility programme, which it entered in 2019, has been stalled since earlier this yr because it struggled to fulfill targets set by the lender.
The board was scheduled to take up Pakistan’s evaluations in a gathering on Monday.
Ismail mentioned that authorities efforts to get the programme again on monitor through painful corrective financial measures had saved Pakistan from default.
Ismail informed Reuters that the fund’s board had additionally agreed to extend the dimensions of the programme by $1 billion and prolonged it by a yr.
The go-ahead from the IMF board will open different multilateral and bilateral avenues of funding for Pakistan, which have been awaiting a clear invoice of well being from the lender.
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