WASHINGTON DC: The International Monetary Fund (IMF) Executive Board on Wednesday approved Pakistan’s 37-month Extended Fund Facility (EFF) arrangement of about US$7 billion, ARY News reported citing sources.
The IMF Executive Board in its meeting considered Pakistan’s request for an Extended Arrangement under the Extended Fund Facility.
Pakistan would receive an initial installment of US$1.1 billion by September 30, with the loan carrying an interest rate below 5 percent.
The 37-month Extended Fund Facility arrangement aims to support Pakistan’s economic stability and growth, with key policy goals including sustainable public finances, reduced inflation, and strengthened external buffers.
Earlier on September 13, Finance Minister Muhammad Aurangzeb announced that all matters with the IMF have been settled amicably, stating, “Alhamdulillah, the Prime Minister is grateful to the IMF negotiation team and related institutions.”
He highlighted that the economy is now transitioning towards growth following stabilization.
According to the minister, finalisation of the agreement will occur during the IMF board meeting later this month.
He added that a reduction in the policy rate will boost investment and business activities, creating employment opportunities.
More to follow…
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