Executive Board | Pakistan

WASHINGTON: The International Monetary Fund’s (IMF) Executive Board on Friday approved the latest review of Pakistan’s reform programme, paving the way for the release of $1.2 billion in financing under the ongoing arrangements. In Islamabad, Finance Minister Muhammad Aurangzeb also confirmed the approval, saying the decision reflects Pakistan’s continued progress on difficult but necessary economic reforms. The approval was given at a meeting of the IMF Executive Board in Washington, DC, reflecting its continued support for Pakistan’s ongoing economic reform programme. The disbursement includes around $1 billion under the Extended Fund Facility (EFF) and approximately $200 million under the Resilience and Sustainability Facility (RSF). With this tranche, total disbursements under the current programme have risen to about $4.5 billion. The IMF said the approval comes after Pakistan successfully met key structural benchmarks, including tax policy measures and adjustments in energy pricing, aimed at strengtheni...

The International Monetary Fund’s (IMF) Executive Board will meet on December 8 (Monday) to approve $1.2 billion in loans to Pakistan. The IMF had reached a staff-level agreement with Pakistan on its loan programmes in October after extensive talks were held in Karachi, Islamabad and Washington from September 24 to October 8. The agreement still requires approval from IMF’s Executive Board before funds can be released. If approved, it would unlock about $1.2bn in fresh financing for the country; roughly $1 billion under the Extended Fund Facility (EFF) and another $200 million under the Resilience and Sustainability Facility (RSF). The IMF confirmed the date of the meeting in a brief announcement on Friday. The official calendar posted on the IMF website also showed the Executive Board would review Pakistan’s loan programmes. Negotiations between Islamabad and the lending agency, led by IMF mission chief Iva Petrova, had focused on Pakistan’s fiscal performance, monetary stance, structural reforms and progres...