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| India-Pakistan |
| IMF revives bailout programme for Pakistan |
| 2022-08-30 |
| [GEO.TV] After months-long hectic efforts, the International Monetary Fund (IMF) Executive Board Monday approved the seventh and eighth review of the stalled $6 billion Pakistan programme, announced Finance Minister Miftah Ismail. Just what Pakistain needs -- borrow more money. The finance minister announced the development on his Twitter handles saying: “Alhamdolillah the IMF board has approved the revival of our EFF programme. We should now be getting the seventh and eighth tranche of $1.17 billion.” The finance minister also thanked Prime Minister Shehbaz Sharif "for taking so many tough decisions and saving Pakistan from the default". "I congratulate the nation,” said the finance minister. IMF INCREASES LOAN SIZE; EXTENDS DURATION In a statement issued in this regard, the Fund announced that the executive board completed the combined seventh and eighth reviews of the "extended arrangement" under the Extended Fund Facility (EFF) for Pakistan. "The board’s decision allows for an immediate disbursement of SDR 894 million (about $1.1 billion), bringing total purchases for budget support under the arrangement to about US$3.9 billion," the statement read. The global lender also approved to increase the loan size and extended it till June 2023. The Fund further added that in order to support programme implementation and meet the higher financing needs in FY23, as well as "catalyse additional financing, the IMF Board approved an extension of the EFF until end-June 2023, rephasing and augmentation of access by SDR 720 million that will bring the total access under the EFF to about $6.5 billion." Related: International Monetary Fund: 2022-08-23 Qatar to give $2bn in International Monetary Fund: 2022-08-17 Sri Lanka to end state of emergency: President International Monetary Fund: 2022-08-04 Clergy, bags of cash set off new sectarian brawl in Lebanon |
| Posted by:Fred |