Says IMF deal to be finalised next month
Minister for Finance Miftah Ismail on Saturday announced that $8.9 billion are in the pipeline for the country after approval of a $1 billion tranche from the International Monetary Fund.
Addressing a press conference, Miftah Ismail while sharing the money Pakistan would receive after approval from the IMF said that the Fund would release $3 billion and after an extension in the programme, they could also receive an additional $2 billion. “Saudi Arabia has also approved a rollover of $3 billion and more relief from the Kingdom will come in July,” he said and added that following the beginning of the IMF program, Asian Development Bank will also provide $2.5 billion.
Miftah Ismail said that the staff level agreement with International Monetary Fund would be signed next month. He said that the funds under the Extended Fund Facility would be released after final approval by the IMF board. The minister was flanked by Minister of State for Finance, Ayesha Ghous Pasha.
Miftah said that the fund, which had to provide $3 billion, has been requested to extend the program by one year and provide additional $2 billion, adding accordingly the country expects around $5 billion from the fund. He said, that the programme with IMF was not important just because the country gets money from the fund rather, it is important because it opens ways for getting funds.
