The International Monetary Fund (IMF) executive board Monday approved the seventh and eighth review of the stalled $6 billion Pakistan programme.
“Alhamdolillah the IMF board has approved the revival of our EFF programme. We should now be getting the seventh and eighth tranche of $1.17 billion,” Miftah Tweeted.
“I want to thank Prime Minister Shehbaz Sharif for taking so many tough decisions and saving Pakistan from default,” he wrote.
The finance minister said, “I congratulate the nation.”
Planning Minister Ahsan Iqbal also shared the development via Twitter.
The completion of review will help catalyze crucial external financing from multilateral and bilateral development partners. The Board has also approved the extension of the program through end-June 2023, and augmentation of access by SDR 720 million (US$ 934) increasing the total program size to SDR 4,988 million equivalent to 245.6 percent of quota.
The IMF Board expressed deepest condolences and sympathies with Pakistani authorities over the tragic loss of lives and livelihoods caused by the floods in Pakistan.
The Executive Board welcomed the authorities’ recent efforts to bring the program back on track and renewed commitment to program policies and targets.
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