Pakistan says IMF approved revival of huge loan programme

by | Aug 29, 2022 | World

The move will release $1.17bn in funds to the cash-strapped country, Pakistan’s Finance Minister Miftah Ismail says.The International Monetary Fund (IMF) board has approved the seventh and eighth reviews of Pakistan’s bailout programme, Finance Minister Miftah Ismail said, which will release $1.17bn in funds to the cash-strapped country.
Ismail also said the IMF agreed to extend the programme by a year and augment the funds by $1bn.
The money will be a lifeline to the South Asian country, currently suffering from devastating floods, whose foreign exchange reserves have fallen to levels that cover only a month of exports and whose economy has wrangled with an enormous current account deficit and high inflation.
“The IMF Board has approved the revival of our EFF program. We should now be getting the 7th & 8th tranche of $1.17 billion,” Ismail said on Twitter.

Alhamdolillah the IMF Board has approved the revival of our EFF program. We should now be getting the 7th & 8th tranche of $1.17 billion. I want to thank the Prime Minister @CMShehbaz for taking so many tough decisions and saving Pakistan from default. I congratulate the nation.
— Miftah Ismail (@MiftahIsmail) August 29, 2022
The IMF’s resident representative in Islamabad did not immediately respond to a request for comment.
The aid comes as “Pakistan’s economy has been buffeted by adverse external conditions due to spillovers from the war in Ukraine, and domestic challenges”, said IMF Deputy Managing Director Antoinette Sayeh in a statement.
“Steadfast implementation of corrective policies and reforms r …

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