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ISLAMABAD: The International Monetary Fund (IMF) Executive Board meeting is yet to be scheduled to consider the staff-level agreement on the second to fifth reviews of the $6 billion under Extended Fund Facility (EFF).

This was stated by Teresa Dabán Sanchez, IMF resident representative in Pakistan while responding to Business Recorder’s query.

“We do not have a specific date for the Board meeting so far. We expect it to take place in the coming weeks,” said Teresa Dabán Sanchez. An IMF team led by Ernesto Ramirez Rigo, concluded virtual discussions with the Pakistani authorities on February 16, 2021 and reached a staff-level agreement on the second to fifth reviews of the authorities’ reform program supported by the IMF 39-month Extended Fund Facility (EFF) arrangement for the amount of SDR 4,268 million (about US$6 billion.

This agreement is subject to the approval of the IMF’s Executive Board. The reviews’ completion would release around US$500 million.

Copyright Business Recorder, 2021