ISLAMABAD: The International Monetary Fund (IMF) and the government reached a staff-level agreement on policies and reforms needed to complete the first review under the Extended Fund Facility (EFF).
The agreement is subject to approval by IMF management and the Executive Board of Directors, according to a press release issued by the mission upon completion of the review that will enable “disbursement of SDR 328 million (or around US$ 450 million) and will help unlock significant funding from bilateral and multilateral partners.”
The IMF said the government’s policies have started to bear fruit, helping to reverse the buildup of vulnerabilities and restore economic stability.
An IMF mission led by Ernesto Ramirez Rigo visited Islamabad from October 28 to November 8 to conduct discussions on the first review under the EEF.
At the end of the visit, Ramirez Rigo said: “Despite a difficult environment, program implementation has been good, and all performance criteria for end-September were met with comfortable margins.”