IMF approves Pakistan’s request for bailout package

ISLAMABAD: International Monetary Fund (IMF) on Saturday has approved Pakistan’s request for the next bailout package in the range of USD 6 to USD 8 billion under the Extended Fund Facility (EFF).

Pakistan had submitted two applications seeking assistance from the International Monetary Fund (IMF) under two heads – extended fund facility (EFF) and additional climate financing, according to sources.

The international lender has reportedly approved Pakistan’s request for to USD 8 billion loan under Extended Fund Facility (EFF).

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However, it will consider the additional climate financing during its mission visit to Pakistan next month in May, according to sources.

Islamabad is currently awaiting the release of $1.1 billion under the stand-by arrangement (SBA) which was inked during the last days of the PDM-led coalition government and remained effective from July 1, 2023 to March 31, 2024.