Pakistan, IMF reach agreement to complete review of aid package to restore USD 6 bn loan | Pakistan, IMF agreed to complete the review of aid package

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Pakistan, IMF agreed to complete the review of aid package

ISLAMABAD: Cash-strapped Pakistan and the International Monetary Fund (IMF) have reached an employee-level agreement to complete the sixth review of the aid package to restore the $6 billion loan program. The IMF had announced a ‘relief package’ in the year 2019 which promised to provide assistance under the Extended Fund Facility (EFF). The sixth review of this facility has been hanging in the balance since April. This was creating doubts in the minds of investors. In a statement on Monday, the IMF announced that employee-level consent must be approved by the executive board.

In its statement after discussions with Pakistani officials, the IMF acknowledged the country’s progress in implementing the program “despite the difficult environment”. The IMF also acknowledged Pakistan’s progress in combating money laundering and the financing of terrorism (AML/CFT), but said it needed additional time to consolidate. The IMF said that Pakistan’s economic growth rate will reach or exceed four percent in the current financial year and 4.5 percent in the financial year 2023.

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