The Executive Board of the International Monetary Fund (IMF) Friday approved the second loan tranche of $1 billion for Pakistan and a new $1.3 billion program despite India’s attempt to block the approval.
The IMF would promptly release the $1 billion second loan tranche under the Extended Fund Facility, while the $1.3 billion would be distributed over the next 28 months.
The IMF Executive Board met today to consider the First Review under the Extended Arrangement Under the Extended Fund Facility, Request for Modification of Performance Criteria, and Request for an Arrangement under the Resilience and Sustainability Facility.
Back in March, IMF staff and the Pakistani authorities have reached a staff-level agreement on the first review under Pakistan’s Extended Fund Facility (EFF) and on a new arrangement under the Resilience and Sustainability Facility (RSF).