Govt Sends Back LOI To IMF For Much Awaited $1.17b Tranche

(@Abdulla99267510)

Govt sends back LOI to IMF for much awaited $1.17b tranche

IMF on August 12 had agreed to the letter of intent forwarded by Pakistan and returned it to the country for signing it.

ISLAMABAD: (UrduPoint/Pakistan Point News-August 17th, 2022) Finance Minister Miftah Ismail on Wednesday said that Pakistan sent back the signed letter of intent (LoI) to the International Monetary Fund (IMF).

Miftah said that he and acting governor of State Bank of Pakistan (SBP) signed the LOI to send it back to IMF.

IMF had earlier on August 12 agreed to the letter of intent forwarded by Pakistan and returned it to the country for signing it.

Pakistan had prepared the letter of intent almost a month back after the IMF expressed satisfaction over its points and action plan.

IMF on August 2 had confirmed that Pakistan achieved all the set targets for the revival of Extended Fund Facility (EFF) programme.

International Monetary Fund’s (IMF) resident representative in Islamabad, Esther Perez Ruiz said Pakistan has achieved all the financial targets set by the fund and the last action was accomplished on July 31 by extending levy on petrol.

Ruiz said the 7th and 8th reviews have been completed and the Fund’s Executive board will meet in the third week of August. Esther Perez hoped that Pakistan will take steps to narrow the funding gap till the board’s meeting.

Abdullah Hussain

Abdullah Hussain is a staff member who writes on politics, human rights, social issues and climate change.