IMF, Pakistan reach Staff-Level Agreement for release of $450m tranche

09:03 PM | 27 Feb, 2020
IMF, Pakistan reach Staff-Level Agreement for release of $450m tranche
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ISLAMABAD – The International Monetary Fund (IMF) on Thursday reached Staff-Level Agreement on the Second Review of Pakistan’s Economic Program under the Extended Fund Facility.

The completion of the review will enable disbursement of around US$450 million under the EFF.

"Following discussions between International Monetary Fund (IMF) staff and the Pakistani authorities in Islamabad from February 3-13 (see Press Release No 20/51), which continued from the IMF headquarters in recent days, IMF staff and the Pakistani authorities have reached a staff-level agreement on policies and reforms needed to complete the second review of the authorities reform program supported under the EFF," read a statement by Ernesto Ramirez Rigo, Mission Chief for Pakistan, on the second review of the Extended Fund Facility (EFF).

"The agreement is subject to approval by the IMF management and consideration by the Executive Board, which is expected in early April. Completion of the review will enable disbursement of SDR 328 million (around US$450 million)."