6th review of EFF programme: SBP receives $1.05 billion from IMF

Karachi: The State Bank of Pakistan announced on Friday that $1.05 billion had been received from the International Monetary Fund (IMF) following the successful conclusion of the sixth review of the External Fund Facility (EFF) programme.

"Following the successful completion of the 6th review of the IMF programme, #SBP has received the next tranche of $1.053 billion," the SBP wrote on its official Twitter account.

Late on Wednesday, the IMF decided to resume the stalled $6 billion loan programme, after the conclusion of the 2021 Article IV consultation and the sixth review of the extended arrangement under the EFF for Pakistan.

The completion of the sixth review allowed the authorities to draw the equivalent of SDR 750 million (about $1 billion), bringing total purchases for budget support under the programme to SDR 2,144 million (about $3 billion, or 1065 of the quota).

Following the successful completion of the 6th review of the IMF program, #SBP has received the next tranche of $1.053 billion.

— SBP (@StateBank_Pak) February 4, 2022

The EFF was approved by the board on July 3, 2019 for SDR 4,268 million (about $6 billion at the time of approval, or 210% of quota).

The next review (seventh) under the $6 billion EFF programme will be due in April 2022. The last and final eighth review is expected to be done in September 2022.