Pakistan is set to receive a substantial financial boost of $2.3 billion from the International Monetary Fund (IMF) following staff-level agreements, according to Julie Kozack, Director of the Communications Department at IMF.
The funding will be accessed through the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF).
During a media briefing at the IMF Headquarters, Kozack highlighted that the IMF Executive Board had approved a $7 billion Extended Fund Facility arrangement for Pakistan last year in September, covering a 37-month period. She noted that staff-level agreements for the First Review under the EFF, as well as the RSF, were reached on March 25 of this year.
Kozack explained that under the EFF arrangement, Pakistan will have access to $1 billion, contingent upon formal approval by the IMF’s Executive Board. Additionally, an amount of $1.3 billion will be disbursed under the RSF, also pending the board’s approval.