Pakistan has reached an agreement with the International Monetary Fund for a package of measures that would release $500 million to the country, a statement on Tuesday by the global lending body said.
This will occur following the second to fifth reviews of the authorities’ economic reform programme supported by the IMF Extended Fund Facility (EFF).
According to the statement: “Pending approval of the Executive Board, the reviews’ completion would release around US$500 million.”
“The package strikes an appropriate balance between supporting the economy, ensuring debt sustainability, and advancing structural reform,” the statement added.
The statement said that an IMF team held virtual discussions with Pakistani authorities and reached a staff-level agreement today.
The team, led by Mission Chief to Pakistan Ernesto Ramirez Rigo, visited Islamabad during February 3-13, to initiate discussions on the second review of the economic reform programme.
A 39-month EFF arrangement for the amount of SDR 4,268 million (about US$6 billion) was earlier approved by the Executive Board.
