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IMF defers approval of review for $450m third tranche to Pakistan

IMF defers approval of review for $450m third tranche to Pakistan

ISLAMABAD: In the wake of situation emerging due to coronavirus and changing economic scenario, the International Monetary Fund (IMF) has delayed second review and third tranche of $ 450 million.

According to media, under the existing arrangement of $6 billion Extended Fund Facility (EFF), Pakistan is set to receive third tranche.

According to the report, the IMF has confirmed the delay but says its priority has now shifted to the approval of a rapid financing facility of $1.4 billion.

On March 25, Prime Minister’s Finance Adviser Hafeez Shaikh said Pakistan has approached the International Monetary Fund (IMF) with a request of $1.4 billion to mitigate the economic fallout of the coronavirus pandemic.

Addressing a press conference, he said this sum is separate from the current $6bn programme and that the World Bank will also provide $1bn to the country to support its efforts against the corona pandemic. He was accompanied by PM’s Adviser on Commerce Razak Dawood, Federal Minister for Economic Affairs Hammad Azhar, PM’s media aide Firdous Ashiq Awan, PM’s Special Assistant on Petroleum Nadeem Babar and others.

The IMF mission led by Ernesto Ramirez Rigo had visited Islamabad during February 3-13 to initiate discussions on the second review of the authorities’ economic reform programme supported under the Extended Fund Facility (EFF) arrangement.