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IMF Okays $1bn Loan Tranche under Extended Fund Facility

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The Executive Board of the International Monetary Funds (IMF) has approved the loan worth a $1 billion tranche for Pakistan under the Extended Fund Facility (EFF). Federal Minister for Finance and Revenue Shaukat Tarin confirmed the news on his Twitter account. “I am pleased to announce that IMF Board has approved 6th tranche of their program for Pakistan,” he tweeted.

To meet the condition of the IMF and get the approval on the loan, the government managed to get cleared the State Bank (Amendment) Bill, 2021 from the Upper House of Parliament. This was the last crucial part that the government successfully complete reviving the program. All pre-requisites such as the approval of the mini-budget and SBP bill were fulfilled by Pakistan.

IMF had previously postponed meetings thrice last month and the loan program had been delayed since April 2021. However, the seventh review under the $6 billion EFF program is scheduled for April 2022 and the last (eighth) review is to be done in September 2022.

Do you think the new loan tranche will help Pakistan’s ailing economy?

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