IMF Approves $1.32 Billion in Financing for Pakistan

Islamabad: International Monetary Fund's Executive Board approved a $1.32 billion financing package for Pakistan under its Extended Credit Facility (ECF) and Resilience and Sustainability Facility (RSF) programs. According to Yemen News Agency, the IMF announced that its Executive Board had approved the completion of the third review of Pakistan's Extended Credit Facility program, along with the second review of the RSF program. This approval allows Pakistani authorities to draw approximately $1.1 billion and $220 million, respectively. The IMF explained in a statement that the total financing Pakistan has received under the two programs has risen to approximately $4.8 billion, equivalent to 3.348 billion Special Drawing Rights (SDRs). The statement indicated that Pakistan's economic performance, despite the repercussions of the war in the Middle East, has contributed to maintaining economic stability and improving its financing and external sector conditions. The IMF emphasized the shocks resulting from t he war in the Middle East underscore the importance of continuing to implement sound economic policies, along with accelerating structural reforms to support resilience and achieve sustainable long-term economic growth.