Finance Minister Miftah Ismail has announced that the executive board of the International Monetary Fund (IMF) has authorised the continuation of Pakistan’s Extended Fund Facility (EFF) programme, following which the nation would get the seventh and eighth tranches totalling $1.17 billion.
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
It is now expected that the IMF will immediately disburse about $1.2 billion to Pakistan and may provide up to $4 billion over the remainder of the current fiscal year, which began on July 1.
It is also anticipated that Pakistan may ask the IMF’s Rapid Financing Instrument (RFI), which might provide additional funding of up to $500 million in light of the country’s present flood crisis, for immediate assistance.
The board gave its approval for the transfer of $1.386 billion to Pakistan under the RFI in April 2020 to help with the economic effects of the Covid-19 shock.
