On May 9, the IMF board will determine how to distribute $1.1 billion to Pakistan.
The IMF board is anticipated to authorize a $1.1 billion payment for Pakistan under the current financing program during the meeting.
The request to modify performance criteria, the request for an arrangement under the Resilience and Sustainability Facility, and the first Review under the Extended Arrangement under the Extended Fund Facility are all set for May 9, according to an IMF statement.
In the meantime, the International Monetary Fund has awarded Pakistan $1.3 billion in climate funding.
The federal government and the IMF confirmed last month that they had reached a staff-level agreement on a new 28-month $1.3 billion arrangement under the Resilience and Sustainability Facility (RSF) and on the first review under Pakistan’s 37-month $7 billion Extended Fund Facility (EFF).
A staff-level agreement (SLA) has been reached between the Pakistani authorities and the IMF team regarding the first review of the 37-month Extended Arrangement under the Extended Fund Facility (EFF) and a new 28-month arrangement under the IMF’s RSF, which will provide access to approximately $1.3 billion (SDR 1 billion) over the course of the 28 months. The IMF Executive Board must approve the staff-level agreement.
The EFF would provide Pakistan with approximately US$1.0 billion (SDR 760 million), increasing the program’s overall disbursements to almost US$2.0 billion, the IMF said in a statement.
