ISLAMABAD: In a major development to release $1.17 billion, the International Monetary Fund (IMF) has agreed to a letter of intent submitted by Pakistan.
According to sources with knowledge of the development, the IMF has signed a letter of intent sent from Pakistan and returned it to the countries that will now sign it.
“Pakistan will sent back the signed LOI to the IMF today,” they said adding that the letter of intent was prepared by Pakistan a month back and since then IMF has been satisfied over its points and action plan.
On August 2, the International Monetary Fund (IMF) confirmed that Pakistan has achieved all the stated objectives of the Recovery Extension Fund (EFF) programme.
In an exclusive interview with ARY News, Esther Perez Ruiz, the representative of the International Monetary Fund (IMF) in Islamabad, said that Pakistan has achieved all the financial targets set by the fund, the last action being on July 31 by extending the petrol tax. Completed.
Ruiz said the 7th and 8th reviews have been completed and the Fund’s Executive Board will meet in the third week of August.
Esther Perez hoped that Pakistan will take steps to narrow the funding gap till the board’s meeting.
On July 14, the International Monetary Fund (IMF) and Pakistan reached a staff-level agreement for the release of US$1.17 billion under the combined 7th and 8th reviews of Pakistan’s Extended Fund Facility (EFF).
A statement issued by the Fund said that the agreement is subject to approval by the IMF’s Executive Board.
