Government, IMF Reach Staff-level Agreement for Revival of Extended Fund Facility
According to press reports, the International Monetary Fund (IMF) and the government of Pakistan have reached a staff-level agreement “on policies and reforms required to complete the sixth review under the USD 6 billion Extended Fund Facility (EFF)”.
However, the final clearance will be granted by the IMF executive board after a consideration of the proposed policy modifications.
Following the completion of the evaluation, the government will have access to 750 million pledged to it through special drawing rights (SDR), which are equivalent to 1,050 million US dollars. In its analysis published on the IMF’s website, the institution predicted that Pakistan’s GDP will expand by 4% in Fiscal Year 2022 and 4.5% in Fiscal Year 2023.
According to the reports, the IMF has praised the government for implementing important policy changes, such as the National Electric Power Regulatory Authority (NEPRA) Act Amendments, the finalization of the National Socio-economic Registry (NSER), the payment of the first tranche of outstanding arrears to independent power producers (IPPs), and the anti-money laundering and combating the financing of terrorism (AML/FT) regime.
The State Bank of Pakistan has recently increased the policy rate from 7.25 percent to 8.75 percent in response to rising market pressure and to control the current account deficit.
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