IMF approves $6bn extended fund facility for Pakistan

KARACHI: IMF has approved US$6 billion 39-month Extended Fund Facility Arrangement for Pakistan. As much as US$1 billion will be released immediately.

The program will help Pakistan to reduce economic vulnerabilities and generate sustainable and balanced growth focusing on a decisive fiscal consolidation to reduce public debt and build resilience while expanding social spending; a flexible, market-determined exchange rate to restore competitiveness and rebuild official reserves.

Program focuses on reducing losses in the energy sector; to strengthen institutions and enhance transparency.

The remaining amount will be phased over the duration of the program.

Further loan will be approved in four quarterly reviews and four semi-annual reviews.

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