ISLAMABAD: Pakistan and the International Monetary Fund (IMF) have reached a staff-level agreement on second to fifth reviews of the country’s reform program under the IMF Extended Fund Facility (EFF).
“IMF staff and the Pakistani authorities have reached an agreement on a package of measures to complete second to fifth reviews of the authorities’ reform program supported by the IMF Extended Fund Facility (EFF),” said an IMF press statement issued Tuesday.
The statement was issued after the IMF team, led by Ernesto Ramirez Rigo, concluded virtual discussions with the Pakistani authorities and reached a staff-level agreement supported by the IMF 39-month Extended Fund Facility (EFF) arrangement for the amount of SDR 4,268 million (about US$6 billion).
The agreement is subject to the approval of the IMF’s Executive Board, the statement said adding the reviews’ completion would release around US$500 million.
