- IMF disbursement to Pakistan: The Pakistani authorities have continued to make acceptable progression under the Fund-supported program, states IMF Deputy Managing Director Antoinette Sayeh.
- The dispensation was made after Pakistan cleared up a concern with data on federal government assurances going back to the 2016 fiscal year.
- The current payment brought total disbursements under the EFF to $2 billion since the program was first authorized in July 2019.
WASHINGTON: The International Monetary Fund stated on Wednesday it accepted a $500 million disbursement to Pakistan for budget plan support after the IMF Exec Board finished delayed reviews of Pakistan’s $6 billion funding program.
The IMF stated in a declaration that the current settlement brought overall disbursements under the Extended Fund Center to $2 billion since the program was first approved in July 2019.
“The Pakistani authorities have continued to make satisfying progress under the Fund-supported program, which has actually been an important policy support throughout an unprecedented period,” IMF Replacement Handling Supervisor Antoinette Sayeh said in a statement.
“While the COVID-19 pandemic continues to pose obstacles, the authorities’ plans have actually been critical in sustaining the economy and saving lives as well as resources,” she said.
The disbursement was made after Pakistan cleared up a concern with information on federal government guarantees dating back to the 2016 that had been reported wrongly and also place the government in non-compliance with the program.
The IMF claimed Pakistani authorities had actually taken strong corrective activities to address institutional drawbacks, including an absence of interagency control, to deal with the problem.