IMF approves loan for Pakistan

 The Executive Board of the International Monetary Fund (IMF) approved the issuance of loans to Pakistan while approving the Staff Level Agreement with Pakistan.

Sources say that the IMF has approved the release of about 1 billion 17 million dollars to Pakistan, the loan amount will be transferred to Pakistan by the IMF this week.

Finance Minister Miftah Ismail in his tweet sad that Alhamdulillah the IMF Board has approved the expansion fund facility, we are getting the seventh and eighth tranches of one billion 17 million dollars.

Alhamdolillah the IMF Board has approved the revival of our EFF program. We should now be getting the 7th & 8th tranche of $1.17 billion. I want to thank the Prime Minister @CMShehbaz for taking so many tough decisions and saving Pakistan from default. I congratulate the nation.

— Miftah Ismail (@MiftahIsmail) August 29, 2022

Miftah Ismail said, “I want to thank the Prime Minister for taking many difficult decisions.”

The Pakistan Army Chief has approached Washington to request help in ensuring early disbursement of the loan from the International Monetary Fund (IMF).

According to a media reports, Nikkei Asia wrote that ‘dwindling foreign reserves’ have created chaos in Islamabad to avoid default.

The report added that General Qamar Javed Bajwa’s phone call to the US Deputy Secretary of State Wendy Sherman was part of Pakistan’s efforts to avoid default.

Three months ago International Monetary Fund (IMF) mission led by Nathan Porter held both in-person and virtual discussions in Doha, Qatar with the Pakistani authorities during May 18-25 on policies to secure macroeconomic stability and support sustainable growth in Pakistan