Profit statements

IMF approves disbursement of $1.17 billion for seventh and eighth tranches

ISLAMABAD: The International Monetary Fund (IMF) has approved the relaunch of the Extended Financing Facility (EFF) program for the disbursement of $1.17 billion for the seventh and eighth tranches.

Finance Minister Miftah Ismail tweeted that “Alhamdolillah, the IMF Board has approved the relaunch of our EFF program. We should now receive the 7th and 8th installments of $1.17 billion. I want to thank Prime Minister Shahbaz Sharif for making so many tough decisions and saving Pakistan from default. I congratulate the nation”.

It is pertinent to note that the Board meeting of the International Monetary Fund reviewed the extension of credit to the Pakistan bailout and approved the 7th and 8th tranches of $1.17 billion in addition to extending the additional year program.

Earlier, in July, the IMF reached a service-level agreement with Pakistan paving the way for the disbursement of $1.17 billion, subject to IMF Executive Board approval.

“The IMF team has entered into a Service Level Agreement (SLA) with the Pakistani authorities for the conclusion of the seventh and eighth combined reviews of the EFF-supported program. The agreement is subject to Board approval. Subject to Executive Board approval, about $1,177 million (SDR 894 million) will be available, bringing total disbursements under the program to about $4.2 billion. the IMF said in a statement at the time.