ISLAMABAD: In a major breakthrough, Pakistan and the International Monetary Fund (IMF) reached a staff-level agreement over the revival of the Extended Fund Facility (EFF) programmes.
According to reports an agreement has finally been reached with IMF and the lender will release an official statement regarding the deal this evening.
“The first tranche is expected to be SDR894 million, equal to $1.2 billion. The program has been extended till July 2023, and total program size increased by $1bn to $7bn,” the reports say.
Last month, Pakistan received the Memorandum of Economic and Financial Policies (MEFP) from the International Monetary Fund (IMF) for the seventh and eighth reviews.
This was confirmed by Finance Minister Miftah Ismail on his official Twitter handle. The MEFP is a document that contains details regarding striking a staff-level agreement. –Agencies
