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Pakistan likely to receive second IMF instalment in days

Pakistan likely to receive second IMF instalment in days

ISLAMABAD: The board of International Monetary Fund (IMF) is scheduled to meet on the first review of the $6.7 billion Extended Fund Facility (EFF) on December 19, and if the staff-level agreement with the authorities is approved, about $550 million would be made available to Pakistan.

This was stated by Gerry Rice, Director Communications Department of the IMF at a press briefing. Gerry Rice said that Pakistan government was meeting all the conditions set by the Fund except for the target on net reserves.

He added, “What I can say is the programme remains broadly on track with the government meeting all of the quantitative performance criteria by end of September 2013, with the exception of the target on net reserves. Indeed, the board is scheduled to meet on the first review of the programme on 19th. And if the staff-level agreement with the authorities is approved, about $550 million would be made available to Pakistan.”

IMF has agreed to provide $6.7 billion to Pakistan over a period of three years with condition of quarterly reviews. Pakistan has received $544 million as first instalment from IMF.