Our EFF program’s relaunch has received IMF approval. The seventh and eighth $1.17 billion tranches ought to arrive soon. Ahsan Iqbal tweets the breaking news.
IMF approves Pakistan Programme despite PTI’s treacherous act!
????????????????????????— Ahsan Iqbal (@betterpakistan) August 29, 2022
The much-anticipated loan program for Pakistan was authorized by the International Monetary Fund’s (IMF) Executive Board. Finance Minister Miftah Ismail tweeted the information and stated that Pakistan will now get the 7th and 8th tranches of $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
In July, the IMF and Pakistan struck a staff-level agreement that opened the door for the transfer of $1.17 billion, pending Executive Board approval.
“The IMF team and the Pakistani government have achieved a staff-level agreement (SLA) for the conclusion of the joint seventh and eighth evaluations of the EFF-supported program. The Executive Board of the IMF must approve the accord. Approximately $1,177 million (SDR 894 million) will become available, subject to Board approval, increasing the program’s overall payments to nearly $4.2 billion, the IMF stated in a statement at the time.
To read our blog on “IMF is getting closer to giving Pakistan $1.17 billion,” click here.