ISLAMABAD: The International Monetary Fund (IMF) Executive Board meeting for the combined seventh and eight reviews under the Extended Fund Facility (EFF) has been set for August 29.

This was confirmed by IMF Resident Representative Esther Perez Ruiz here on Wednesday.

She had earlier confirmed that Pakistan has met all prior conditions for the combined 7th and 8th reviews under the EFF programme.

After the board’s approval, Pakistan will receive around $1.177 billion.

She stated, “With the increase in PDL on July 31, the last prior action for the combined 7th and 8th review has been met.”

IMF says no room for subsidies: end of story

The IMF team reached a staff-level agreement (SLA) with the Pakistan authorities last month for the conclusion of the combined seventh and eight reviews of the EFF-supported programme. The agreement is subject to approval by the IMF’s Executive Board. Subject to Board approval, about $1,177 million (SDR 894 million) will become available, bringing total disbursements under the programme to about $4.2 billion.

Additionally, in order to support programme implementation and meet the higher financing needs in fiscal year 2023, as well as catalyze additional financing, the IMF Board is likely to consider an extension of the EFF until end-June 2023 and an augmentation of access by SDR 720 million that will bring the total access under the EFF to about $7 billion.

Copyright Business Recorder, 2022