Islamabad (Web Desk): Pakistan and the executive board of the International Monetary Fund (IMF) has reached a staff-level agreement that revived the $6 billion Extended Fund Facility (EFF) programme for the country.
According to Bloomberg, the staff-level agreement will pave way for a $1.2 billion disbursement, which is expected in August.
The disbursal would offer relief to Islamabad as the country’s foreign-exchange reserves are depleting so much so that they can only cover less than two months of imports.
In June, Pakistan and the Fund staff achieved substantial progress to strike a consensus on budget 2022-23 after which the IMF shared a draft Memorandum of Economic and Financial Policies (MEFP).
