Washington DC August 20 2022: Executive Board meeting for Pakistan combined Seventh and Eighth Reviews Under the Extended Arrangement which is Under the Extended Fund Facility will be held on 29th August 2022, according to IMF.
Board will consider Request for Waivers of Nonobservance of Performance Criteria along with Extension, Augmentation and Rephasing of Access during the meeting the statement said.
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Pakistan has requested the IMF to extend the EFF arrangement through June 2023 as a signal of their commitment to address existing challenges and achieve the program objectives.
In July, the IMF team has reached a staff-level agreement (SLA) with the Pakistan authorities for the conclusion of the combined seventh and eight reviews of the EFF-supported program. The agreement is subject to approval by the IMF’s Executive Board. Subject to Board approval, about $1,177 million (SDR 894 million) will become available, bringing total disbursements under the program to about $4.2 billion. Additionally, in order to support program implementation and meet the higher financing needs in FY23, as well as catalyze additional financing, the IMF Board will consider an extension of the EFF until end-June 2023 and an augmentation of access by SDR 720 million that will bring the total access under the EFF to about US$7 billion.