ISLAMABAD: The long-awaited $1.17 billion tranche of Pakistan’s Extended Fund Facility with the International Monetary Fund (IMF) is likely to be approved and released by the Executive Board of the global lender when it meets on Aug. 29, Finance Minister Miftah Ismail said on Friday.
Speaking with local media, he said that the IMF had sent a letter of intent to Pakistan earlier in the day, adding that this was a key step in the revival of a suspended bailout program following the staff level agreement and memorandum of economic and fiscal policies inked last month. The government would sign the letter of intent and return it to the IMF on Monday, he added.
