WASHINGTON (Pakistan Point News / Sputnik - 03rd February, 2022) The International Monetary Fund (IMF) approved a disbursement of approximately $1 billion to Pakistan to help the country's economy, the fund said in a statement.
"The Executive board of the International Monetary Fund concluded the 2021 Article IV consultation and the sixth review of the extended arrangement under the Extended Fund Facility (EFF) for Pakistan. The completion of the review allows the authorities to draw the equivalent of SDR 750 million (about US$1 billion), bringing total purchases for budget support under the program to SDR 2,144 million (about US$3 billion, or 106 percent of quota)," the IMF said on Wednesday.
Economic activity in Pakistan rebounded strongly from the first waves of the COVID-19 pandemic but pressures are starting to build, reflected in the country's widening deficit and inflation, the IMF said. The recent policy efforts were appropriate to safeguard economic and debt sustainability, the IMF added.
