Friday August 12, 2022

Pakistan Receives Letter Of Intent From IMF

Islamabad: Pakistan has received the letter of intent from the International Monetary Fund (IMF) for the release of the next tranche of the loan program.

This was confirmed by the officials of ministry of finance.

Finance Minister Miftah Ismail and SBP Governor Dr Murtaza will sign it.

The meeting of the IMF’s executive is likely to be held on August 24. The executive board is likely to approve $1.2 billion for Pakistan.

Earlier this month, Pakistan fulfilled the pre-conditions for the disbursement of the combined 7th and 8th tranches of the IMF’s loan program after it increased the petroleum development levy.

“With the increase in PDL on July 31, the last prior action for the combined 7th and 8th review has been met,” said IMF Resident Representative in Pakistan Ester Perez Ruiz.

“The Board meeting is tentatively planned for late August once adequate financing assurances are confirmed,” she said.

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