ISLAMABAD: The International Monetary Fund (IMF) has postponed a board meeting meant to consider the country’s sixth review of the $6 billion Extended Fund Facility (EFF) until the end of January on a request from Pakistani authorities.
The IMF accepted the conclusion of the sixth examination of its program for Pakistani under the Enhanced Funding Facility (EFF) on Wednesday.
In Washington, where the program review meeting was held, a statement was made stating that the review’s conclusion allows for the immediate disbursement of SDR 750 million, or approximately $1 billion, to Pakistan. This brings the total amount disbursed under the arrangement to SDR 2,144 million, or approximately $3 billion, or 106% of the country’s quota.
The approval was confirmed by a tweet from Islamabad’s finance minister, Shaukat Tarin, using his official account. I am pleased to announce that the IMF Board has approved the sixth tranche of their program for Pakistan,” he stated.
The rupee’s trend has reverted after the government successfully passed the State Bank of Pakistan (Amendment) Bill 2021 and the Finance (Supplementary) Bill 2021 in the face of strong opposition.
In the interbank market, the value of the Pakistani rupee increased by 0.03 percent to start the week, slightly outperforming the US dollar. Good rumors about the IMF deal’s approval also contributed.
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