IMF approves $2.4 billion support for Pakistan under two economic programmes
The Executive Board of the International Monetary Fund (IMF) has approved two financing decisions for Pakistan, disbursing approximately $2.4 billion under its economic reform and climate resilience programmes.
Following its Executive Board meeting on May 9, the IMF said it had completed the first review of Pakistan’s economic reform program supported by the Extended Fund Facility (EFF) arrangement. This enables an immediate disbursement of around $1 billion, taking total disbursements under the arrangement to about $2.1 billion.
In addition, the IMF Executive Board approved Pakistan's request for an arrangement under the Resilience and Sustainability Facility (RSF), providing access of about $1.4 billion. The RSF is intended to help the country address vulnerabilities related to climate change and natural disasters.
The International Monetary Fund (IMF) on Friday approved the immediate disbursement of about $1 billion to Pakistan under the ongoing Extended Fund Facility, according to the Pakistan PMO, despite India’s conveying its strong dissent over these funds being misused for cross-border terrorism.
The global moneylender had reviewed the extended fund facility (EFF) lending programme ($1 billion) and also considered a fresh resilience and sustainability facility (RSF) lending programme ($1.3 billion) for Pakistan.