Islamabad: Finance Minister Shaukat Tarin on Wednesday (February 02) announced that the International Monetary Fund (IMF) has completed the 6th review of Pakistan under the Extended Fund Facility (EFF), news sources reported. Pakistan would now be eligible to receive USD 1 billion, or SDR 750 million.
According to reports, the review meeting took place in Washington, where the board examined the country’s progress on the main areas indicated for macroeconomic reforms and fiscal stability. This involves the imposition of new levies as well as the elimination of previous subsidies in order to save money. The review was originally set for January 12 but was pushed back to January 28 due to Pakistan’s request to introduce a critical State Bank Autonomy Bill, which was a major talking point between the IMF and Pakistan.
Pakistan signed a 39-month EFF agreement with the IMF in July 2019 for SDR 4.268 billion or about USD 6 billion at the time of the agreement’s acceptance, equivalent to 210% of the drawing quota of Pakistan. As per the government, the IMF’s provision of extra cash would aid in combating the effects of COVID-19 inflation and improving the country’s labour market.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
