Pakistan , IMF reach staff-level agreement on pending reviews under Extended Fund Facility

The International Monetary Fund and the Pakistani authorities have reached an agreement to complete second to fifth reviews of Islamabad’s reform program under the IMF Extended Fund Facility.

The agreement was reached at virtual discussions between an IMF team led by Ernesto Ramirez Rigo and Pakistani authorities. The reviews’ completion would release around 500 million dollars.

The IMF team acknowledged that Pakistan’s policies and allowing higher than expected COVID-related social spending, have been critical in supporting the economy and saving lives and households. It said that the Pakistani authorities remained committed to ambitious policy actions and structural reforms to strengthen economic resilience, advance sustainable growth, and achieve the EFF’s medium-term objectives.

The team maintained that most of the targets under the EFF-supported program are on track to be met.

The IMF team thanked Pakistani authorities for the constructive and candid discussions.

Source: Radio Pakistan