The International Monetary Fund (IMF) on Thursday (Dec 19) during a meeting of its executive board in Washington, approved second tranche worth of $452 million for Pakistan under the $6 billion loan package.
The IMF’s Executive Board was scheduled to meet on December 19 in Washington to approve the first review and release of second tranche under $6 billion Extended Fund Facility (EFF).
The letter signed by Shaikh and Baqir demonstrated Islamabad’s commitment that it would pursue all committed reforms and conditions so the executive board grants approval for release of next installment worth $452 million.
“The IMF management have circulated the signed Memorandum of Economic and Financial Policies (MEFP) among the members of Executive Board and now the meeting is scheduled to take place before Christmas holidays on December 19, 2019 for approving release of next tranche”, official sources confirmed.
IMF’s spokesperson, Gerry Rice, had confirmed the news on Twitter, saying, “IMF Executive Board approved today a three-year US$6 billion loan to support Pakistan’s economic plan, which aims to return sustainable growth to the country’s economy and improve the standards of living.”
The IMF and Pakistan’s government had earlier already signed a staff agreement on May 12 in this regard.