Pakistan has finally reached a staff-level agreement with IMF, claim news sources on Wednesday.
An official announcement in this regard is expected to be arriving soon!
According to a Bloomberg report, Pakistan and the executive board of the International Monetary Fund (IMF) on Wednesday reached a staff-level agreement that revived the $6 billion Extended Fund Facility (EFF) programme for the country.
“The disbursal would offer relief to Islamabad as the country’s foreign-exchange reserves are depleting so much so that they can only cover less than two months of imports,” the report added.
The agreement at the staff level will pave way for a $1.2 billion disbursement, which is expected in August.
On June 28, Finance Minister Miftah Ismail announced that Pakistan had received the MEFP from the IMF for the combined seventh and eighth reviews.
In June 2019, the IMF approved a three-year, $6 billion loan “to support Pakistan’s economic plan, aimed at returning “sustainable growth to the country’s economy and improving the standards of living”.