IMF to Approve $1.1B for Pakistan Adds $1.3B Climate Deal
During the meeting, the IMF board is expected to approve a disbursement of $1.1 billion for Pakistan under the ongoing financial program.
According to the IMF statement, the first Review under the Extended Arrangement under the Extended Fund Facility, the request for modification of performance criteria, and the request for an arrangement under the Resilience and Sustainability Facility are scheduled to take place on May 9.
Meanwhile, Pakistan has also secured $1.3 billion in climate financing from the International Monetary Fund.
This was stated by IMF Director of Communications Julie Kozack, while responding to a query during a press conference.
Pakistan seals $1.3bln in climate financing from the IMF
Last month, Pakistan and the International Monetary Fund reached a staff-level agreement on the first review under Pakistan’s 37-month $7bn Extended Fund Facility (EFF) and a new 28-month $1.3bn arrangement under the Resilience and Sustainability Facility (RSF), the federal government and the IMF confirmed.
“The Inational Monetary Fund team has reached a staff-level agreement (SLA) with the Pakistani authorities on the first review of the 37-month Extended Arrangement under the Extended Fund Facility (EFF), and a new 28-month arrangement under the IMF’s RSF with total access over the 28 months of around $1.3 billion (SDR 1 billion). The staff-level agreement is subject to approval of the IMF’s Executive Board. Upon approval, Pakistan will have access to about US$1.0 billion (SDR 760 million) under the EFF, bringing total disbursements under the program to about US$2.0 billion,” the IMF said in a statement.
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