Pakistan will receive $1.2 billion through 6th & 7th review installments.
Pakistan is expected to finalize an agreement with International Monetary Fund (IMF) soon.
According to a private news channel report, Finance Ministry to the development said that the agreement with IMF would be finalized soon, adding that the Memorandum of Economic and Financial Policies (MEFP) is also being sent to the IMF soon.
In case of agreement, Pakistan will receive $1.2 billion through the 6th and 7th review installments.
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The IMF Executive Board may revive the loan program for Pakistan.
The International Monetary Fund (IMF) is an international financial institution, headquartered in Washington, D.C., consisting of 190 countries.
Its stated mission is “working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.”
Formed in 1944, started on 27 December 1945, at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international monetary system.
It now plays a central role in the management of balance of payments difficulties and international financial crises.
Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money. As of 2016, the fund had XDR 477 billion (about US$667 billion).
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