ISLAMABAD: The Executive Board of the International Monetary Fund (IMF) will meet on August 29 for approving release of a loan tranche of US$1.17 billion for Pakistan, ARY NEWS reported.
The IMF executive board will review the seventh and eighth economic review of the country and will consider extending the timeframe of the IMF loan programme besides also extending its amount from US$6 billion to US$7 billion.
The Pakistani government has requested exemption from some targets set by the IMF and the executive board will also consider it.
On August 15, Finance Minister Miftah Ismail announced that Pakistan has sent back the signed letter of intent (LoI) to the International Monetary Fund (IMF).
Speaking to media in Islamabad, Miftah Ismail said that the LoI was sent to the IMF after being signed by him and acting governor of State Bank of Pakistan (SBP).
On August 12, the International Monetary Fund (IMF) agreed to the letter of intent forwarded by Pakistan and returned it to the country for signing it.
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 02, the International Monetary Fund (IMF) confirmed that Pakistan has achieved all the set targets for the revival of Extended Fund Facility (EFF) programme.
Exclusively talking to ARY News, International Monetary Fund’s (IMF) resident representative in Islamabad, Esther Perez Ruiz said Pakistan has achieved all the financial targets set by the fund and the last action was accomplished on July 31 by extending levy on petrol.
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.
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