Second review: Government, IMF reach agreement for $450 million payout

The International Monetary Fund (IMF) has reached staff-level agreement on the second review of Pakistan's economic program under the Extended Fund Facility.

A statement by Ernesto Ramirez Rigo, Mission Chief for Pakistan, on the second review of the Extended Fund Facility (EFF) said: "Following discussions between the International Monetary Fund (IMF) staff and the Pakistani authorities in Islamabad from February 3-13, which continued from the IMF headquarters in recent days, the IMF staff and the Pakistani authorities have reached a staff-level agreement on policies and reforms needed to complete the second review of the authorities reform program supported under the EFF. The agreement is subject to approval by the IMF management and consideration by the Executive Board, which is expected in early April. Completion of the review will enable disbursement of SDR 328 million (around $450 million)," the statement maintained.-PR