IMF to approve $1.17bn tranche for Pakistan on 29th

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Talks between Pakistan and IMF to be resumed

ISLAMABAD: The release of the sought-after tranche by the International Monetary Fund (IMF) to Pakistan nears as the global lender’s executive board will meet on August 29.

Esther Perez Ruiz – IMF’s Resident Representative for Pakistan – has also endorsed the meeting date to a local TV.

The executive board will approve a tranche of $1.17 billion for Pakistan after the country has fulfilled all conditions.

The board will also evaluate 7th and 8th reviews of Pakistan’s Extended Fund Facility (EFF).

According to the correspondent, there is a high possibility of extension of a year in the duration of Pakistan’s loan program.

The amount that Pakistan is borrowing from the IMF could be increased from $6 billion to $7 billion.

Earlier in the day, Finance Minister Miftah Ismail confirmed that Pakistan has sent back the Letter of Intent to the IMF.

Addressing the business summit in Islamabad, the Pakistan Muslim League Nawaz (PML-N) leader said the letter was signed by him and State Bank of Pakistan’s (SBP) Acting Governor Dr Murtaza Syed.

The finance czar accepted that he faces shame in asking for money from other countries. “The Pakistan today is not where it used to be 75 years ago.”