Pakistan receives first tranche of 991.4mln under EFF

Pakistan receives first tranche of 991.4mln under EFF

ISLAMABAD – The State Bank of Pakistan (SBP) received the first tranche of $991.4 million from the International Monetary Fund (IMF) under Extended Fund Facility (EFF) to help the country reduce economic vulnerabilities and generate sustainable and balanced growth.

“The SBP has received IMF first tranche of $991.4 million which is equivalent to SDR 716 million,” said SBP Chief Spokesman in the wee hours of Wednesday.

The IMF on July 3 had approved a loan of $6 billion for Pakistan, a 39-month extended arrangement, to support the country’s economic reform programme.

After approval of the loan under EFF by the Executive Board of IMF, Pakistan was eligible to immediately receive the first tranche of $1 billion.

The fund will quarterly review the performance of Pakistan over 39 months, while the programme would focus on a decisive fiscal consolidation to reduce public debt and build resilience while expanding social spending.

It will also try to ensure a flexible, market-determined exchange rate to restore competitiveness and rebuild official reserves besides eliminating quasi-fiscal losses in the energy sector, strengthening institutions and enhancing transparency.

Related Articles

New Zealand beat India to reach ICC Cricket World Cup 2019 final

New Zealand beat India by 18 runs to reach the final of ICC World Cup 2019 on Wednesday. India were

UN chief hopes Iran nuclear deal can be saved

Citizens Voice Tv (United Nations) UN Secretary-General Antonio Guterres hopes the Iran nuclear deal could be saved, his spokesman said

MATCH Hospitality launches Official Hospitality Programme for the FIFA Women’s World Cup France 2019™

Citizen’s Voice Tv : MATCH Hospitality AG, the worldwide exclusive rights holder of the FIFA Hospitality Programme, today revealed their