747133_3701800_sbp3_akhbarThe State Bank of Pakistan Friday received $1.053 billion from the International Monetary Fund after the successful completion of 6th review of Extended Fund Facility (EFF) programme. “Following the successful completion of the 6th review of the IMF program, #SBP has received the next tranche of $1.053 billion,” the State Bank tweeted. The IMF Wednesday approved 6th tranche of EFF programme for Pakistan. The IMF mission led by Ernesto Ramirez Rigo had held virtual discussions during October 4-November 18, 2021 in the context of the 2021 Article IV consultations and the sixth review of the authorities’ reform program supported by the IMF’s Extended Fund Facility (EFF).
The Pakistani authorities and IMF staff had reached a staff-level agreement on policies and reforms needed to complete the sixth review under the EFF; however, the agreement was subject to approval by the Executive Board, following the implementation of prior actions, notably on fiscal and institutional reforms. It is pertinent to mention that the fund had approved $6 billion, three-year loan facility for Pakistan back in July 2019 to help resuscitate the country’s ailing economy.
The programme aims to support Pakistan’s policies to help the economic recovery from the Covid-19 pandemic, ensure macroeconomic and debt sustainability, and advance structural reforms to lay the foundations for strong, job-rich, and long-lasting growth that benefits all Pakistanis.
It is pertinent to mention that Pakistan entered the Covid-19 pandemic with strengthened buffers, following the approved EFF programme,
The next review (seventh) under the $6 billion EFF programme will be due in April 2022. The last and final eighth review is expected to be done in September 2022.
