Agreement has been inked to complete the 7th & 8th reviews of Pakistan’s Extended Fund Facility
Pakistan to soon receive $1.17b under agreement with IMF. Pakistan and International Monetary Fund (IMF) have reached an agreement under which Pakistan will soon receive one point one seven billion dollars.
In a tweet on Thursday, Minister for Finance and Revenue Miftah Ismail says the agreement has been inked to complete the 7th and 8th reviews of Pakistan’s Extended Fund Facility.
More From FactFile: Pakistan & IMF likely to finalize agreement soon
He thanked Prime Minister Shehbaz Sharif, his fellow ministers and financial team for their help and efforts in reaching the agreement with IMF.
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).