Pakistan, IMF reach staff-level agreement for $1.2bn tranche

AI Summary

Pakistan and the IMF have reached a staff-level agreement covering reviews of the country’s $7 billion Extended Fund Facility and $1.4 billion Resilience and Sustainability Facility arrangements. The agreement could qualify Pakistan to draw about $1.2 billion in IMF resources in four to five weeks, subject to the next steps in the process.

ISLAMABAD: The International Monetary Fund (IMF) on Thursday reached a staff-level agreement (SLA) with Pakistani authorities on the fourth review under the $7 billion Extended Fund Facility (EFF) and the third review under the $1.4bn Resilience and Sustainability Facility (RSF), qualifying Pakistan to draw about $1.2bn from the fund resources in four to five weeks. “The IMF team has reached an SLA with the Pakistani authorities on the fourth review of the 37-month Extended Arrangement under the Extended Fund Facility (EFF) and the third review of the 28-month arrangement under the Resilience and Sustainability Facility (RSF)”, the lending agency announced in an early morning statement. More to follow.