Sigh of relief for Pakistan
\nMiftah announces the development on Twitter | Islamabad is likely to receive $1.17b loan tranche within six days
\nnews desk
\nIslamabad
\nAfter months-long hectic efforts, the International Monetary Fund (IMF) executive board Monday approved the seventh and eighth review of the stalled $6 billion Pakistan programme, announced Finance Minister Miftah Ismail.
\nFinance Minister Miftah Ismail announced the development on his Twitter handle saying: \u201cAlhamdolillah the IMF board has approved the revival of our EFF programme. We should now be getting the seventh and eighth tranche of $1.17 billion.\u201d
\nThe finance minister also thanked Prime Minister Shehbaz Sharif \u201cfor taking so many tough decisions and saving Pakistan from the default\u201d.
\n\u201cI congratulate the nation,\u201d said the finance minister.
\nPakistan entered the programme with the Fund in 2019, however, Islamabad struggled to keep targets on track due to which only half the funds had been disbursed.
\nThe cash-strapped nation received that last disbursement in February and the next tranche was to follow a review in March, but the government of ousted prime minister Imran Khan slashed the petroleum prices massively giving subsidies to the nation which threw fiscal targets and the programme off track.
\nHowever, after months-long efforts of the coalition government \u2014 that came into power in April \u2014Pakistan reached the staff-level agreement with the Washington-based lender in July after completing all prior conditions. The executive board today reviewed the progress and decided to resume the programme and approved the seventh and eighth loan tranches.
\nPakistan is now likely to receive a $1.17 billion loan tranche from Fund within six days.
\nPlanning Minister Ahsan Iqbal also announced the development on his Twitter handle.
\nIslamabad reached the staff-level agreement with the Washington-based lender in July but the board meeting could not be held despite Pakistan\u2019s appeal to expedite the process.<\/p>\n","protected":false},"excerpt":{"rendered":"
Sigh of relief for Pakistan Miftah announces the development on Twitter | Islamabad is likely to receive $1.17b loan tranche within six days news desk Islamabad After months-long hectic efforts, the International Monetary Fund (IMF) executive board Monday approved the seventh and eighth review of the stalled $6 billion Pakistan programme, announced Finance Minister Miftah […]<\/p>\n","protected":false},"author":2,"featured_media":278571,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[2],"tags":[10380,186,2416,6987],"class_list":{"0":"post-280284","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news","8":"tag-bailout","9":"tag-imf","10":"tag-miftah-ismail","11":"tag-programme"},"yoast_head":"\n