Home Business Pakistan may receive $450m from IMF in April this year

Pakistan may receive $450m from IMF in April this year

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IMF reaches staff-level agreement on 2nd review of Pakistan’s economic program under ETF

ISLAMABAD: International Monetary Fund (IMF) in its statement said that that IMF had reached Staff-Level Agreement on 2nd review of Pakistan’s Economic Programme under the Extended Fund Facility (EFT) and Pakistan will receive an amount of $450 million in April this year.

A statement by Ernesto Ramirez Rigo, Mission Chief for Pakistan, said on Thursday, “Following discussions between International Monetary Fund (IMF) staff and the Pakistani authorities in Islamabad from February 3-13 (see Press Release No 20/51), which continued from the IMF headquarters in recent days, IMF staff and the Pakistani authorities have reached a staff-level agreement on policies and reforms needed to complete the second review of the authorities reform program supported under the EFF.”

It further said that the agreement is subject to approval by the IMF management and consideration by the Executive Board, which is expected in early April.

Completion of the review will enable disbursement of SDR 328 million (around US$450 million), it added.