On July 14, the staff-level talks between Pakistan and the International Monetary Fund (IMF) concluded for the seventh and eighth review under Extended Fund Facility (EFF). The talks were originally aimed at releasing a tranche of $900 million. The talks, which began on March 4, were expected to conclude by March 16; however, it took five months to reach the staff-level agreement. Finally, last week, the IMF team reached an understanding with Pakistan to release $1.17 billion, subject to the board’s approval. This brings the total disbursement under the current EFF to $4.2 billion so far, to support policy actions under FY 2023 budget, power sector reforms, and monetary policy to restrain inflation. (Read More)
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