WASHINGTON – The International Monetary Fund (IMF) has approved a $7 billion Extended Fund Facility (EFF) for Pakistan following an Executive Board meeting chaired by Managing Director Kristalina Georgieva.
Pakistan will receive the first $1.1 billion tranche by September 30, with another tranche expected within the same fiscal year. The loan comes with an interest rate of under 5%.
Read more: IMF Board Meeting Scheduled Today to Discuss Approval of Pakistan’s $7 Billion Loan
Prime Minister Shehbaz Sharif acknowledged in New York that Pakistan met the IMF’s tough conditions, thanking Saudi Arabia, China, and the UAE for their support.
Pakistan had secured a three-year EFF agreement with the IMF two months ago to promote economic stability, following the completion of a $3 billion loan program earlier this year.
