Islamabad (HRNW) The International Monetary Fund (IMF) has approved much awaited and needed tranche of over $1 billion as it restored the stalled program.
Finance Minister Miftah Ismail announced this on his Twitter handle as he congratulated the nation and Prime Minister Shehbaz Sharif.
The global lender revived the Extended Fund Facility (EFF) for Pakistan which had come to a halt during the tenure of Pakistan Tehreek-e-Insaf (PTI) government. With resumption of loan program, Pakistan will get $1.17 billion tranche – deemed critical in the current economic scenario as it likely to soothe it.
The IMF executive board – in its meeting today – approved the staff-level agreement signed with Pakistan.
“Alhamdolillah the IMF Board has approved the revival of our EFF program. We should now be getting the 7th & 8th tranche of $1.17 billion,” Miftah said as he felicitated the nation on the development.
The minister also thanked Prime Minister Shehbaz Sharif for taking ‘tough decisions’ to steer the country out of a default like situation.
“I want to thank the Prime Minister @CMShehbaz for taking so many tough decisions and saving Pakistan from default,” Miftah said in the tweet.