Pakistan to soon receive $1.17 billion under agreement with IMF
ISLAMABAD (92 News) - Pakistan and International Monetary Fund have reached an agreement under which Pakistan will soon receive one point one seven billion dollars.
In a tweet on Thursday, Minister for Finance and Revenue Miftah Ismail said that the agreement has been inked to complete the 7th and 8th reviews of Pakistan's Extended Fund Facility.
Pakistan and IMF have reached an agreement. We will soon receive $1.17b as the combined 7th & 8th tranche. I want to thank the PM, my fellow ministers, secretaries and especially the finance division for their help and efforts in obtaining this agreement. https://t.co/376sCHLc1Y
— Miftah Ismail (@MiftahIsmail) July 14, 2022
According to a detailed statement issued by the IMF in this regard, the IMF Board will consider an extension of the Facility by end of June next year to support program implementation and meet the higher financing needs in Fiscal year 2023.
The IMF also issued policy priorities including steadfast implementation of the budget 2022-23, catch-up in power sector reforms, proactive monetary policy to guide inflation to more moderate levels, reducing poverty, strengthening social safety and governance.
The IMF team led by Nathan Porter, in its concluding remarks, said that Pakistan is at a challenging economic juncture where high international prices and a delayed policy action resulted in large fiscal deficits that contributed to rising inflation and eroded reserve buffers.
