The International Monetary Fund (IMF) has approved the letter of intent submitted by Pakistan, marking a significant breakthrough for the delivery of the $1.17 billion tranche.
The LOI received from Pakistan has been signed by the IMF and returned to the nation that will now sign it, according to people with knowledge of the issue.
They added that the letter of intent was created by Pakistan a month ago and that since then, the IMF has been happy with its points and action plan. “Pakistan will submit back the signed LOI to the IMF today,” they said.
The Extended Fund Facility (EFF) program’s reactivation was approved by the International Monetary Fund (IMF) on August 02, and it was determined that Pakistan had met all of the goals established for the program.
The resident representative of the International Monetary Fund (IMF) in Islamabad, Esther Perez Ruiz, stated that Pakistan has met all of the financial goals established by the fund. The last measure was completed on July 31 by extending the charge on gasoline.
The 7th and 8th evaluations have been finished, according to Ruiz, and the Executive Board of the Fund will convene in the third week of August.
Esther Perez hoped that until the board meeting, Pakistan will take action to close the financing deficit.
A staff-level agreement for the release of $1.17 billion under the combined 7th and 8th reviews of Pakistan’s Extended Fund Facility was made on July 14 between the International Monetary Fund (IMF) and Pakistan (EFF).
The agreement must be approved by the IMF Executive Board, according to a statement from the Fund.
To read our blog on “Regarding the Pakistan-IMF deal, Gen. Bajwa contacts the UAE and Saudi Arabia,” click here
