IMF Board has approved 6th traunche of their programme for Pakistan. Finance Minister, Pakistan

Finance Minister, Pakistan

Pakistan’s economy is set to keep on recovering in fiscal year 2022, with real GDP growth projected at four per cent, the International Monetary Fund (IMF) said on Thursday, hours after approving the continuation of an extended loan arrangement.

The IMF Executive Board also approved Pakistan’s request for waivers of applicability and non-observance of performance criteria.

The board met in Washington on Wednesday for further consultations with Pakistan on an extended loan facility (EFF) and completed its sixth EFF review. The completion allows Pakistan to draw about $1 billion from the fund, bringing total budget support under the programme to about $3bn, or 106pc of Pakistan’s IMF quota.

In Islamabad, Finance Minister Shaukat Tarin confirmed the approval in a tweet posted on his official account. “I am pleased to announce that the IMF Board has approved the 6th tranche of their program for Pakistan,” he wrote.