ISLAMABAD: Negotiations between Pakistan and International Monetary Fund (IMF) for a loan of $1.3 billion has been successful.
The International Monetary Fund (IMF) has announced that a staff-level agreement has been reached between Pakistan and the Fund, led by Nathan Porter, for the initial review of Pakistan’s economic performance.
According to IMF officials, Pakistan is set to receive access to up to $1 billion under the Extended Fund Facility (EFF).
This funding, coupled with previous disbursements, will raise the total loan amount under the IMF program to $2 billion.
The IMF highlighted that, despite facing significant economic challenges, Pakistan has made notable strides in restoring macroeconomic stability over the past 18 months.
The organization also noted that inflation in Pakistan has fallen to its lowest level since 2015.
Spokesperson for the IMF indicated that, economic activities in the country are anticipated to gradually improve, although environmental risks remain a concern.
The final approval of the agreement is pending and will be reviewed by the IMF Board.
