ISLAMABAD: The International Monetary Fund (IMF) executive board has approved the release of $1.17 billion to Pakistan as part of the $6 billion bailout program, Pakistan’s finance minister Miftah Ismail said on Monday.
An IMF team reached the staff-level agreement with Pakistan on July 13 after carrying out the combined seventh and eight reviews under the $6 billion extended fund facility (EFF).
Pakistan signed the $6 billion bailout package with the IMF in 2019, though the facility was subjected to repeated delays due to various reasons.
“The IMF Board has approved the revival of our EFF program. We should now be getting the 7th & 8th tranche of $1.17 billion,” Ismail said on Twitter.
The staff-level agreement was reached by Prime Minister Shehbaz Sharif’s government, which took over in April, after taking some unpopular belt-tightening measures by effectively eliminating fuel subsidies in the country.It also took steps to broaden the tax base in the country.
Pakistan has assured the IMF to improve governance and mitigate corruption by setting up a robust electronic asset declaration system.
The country also plans to undertake a comprehensive review of the anticorruption institutions to enhance their effectiveness in investigating and prosecuting corruption cases.
