IMF approves revival of Pakistan's Extended Fund Facility program

The Executive Board of International Monetary Fund (IMF) has approved the revival of Pakistan's Extended Fund Facility Program. 

The IMF statement said the program seeks to ensure fiscal discipline and debt sustainability while protecting social spending and safeguarding monetary and financial stability.

Finance Minister Miftah Ismael in a tweet said now Pakistan would get 7th and 8th tranche of 1.17 billion dollars.

He thanked the Prime Minister Shehbaz Sharif for taking so many tough decisions and saving Pakistan from default.

Alhamdolillah the IMF Board has approved the revival of our EFF program. We should now be getting the 7th & 8th tranche of $1.17 billion. I want to thank the Prime Minister @CMShehbaz for taking so many tough decisions and saving Pakistan from default. I congratulate the nation.

— Miftah Ismail (@MiftahIsmail) August 29, 2022

Prime Minister Muhammad Shehbaz Sharif has said formal resumption of IMF Program is a major step towards in our efforts to put Pakistan's economy back on track.

In a tweet, he also appreciated Finance Minister Miftah Ismael and his team for excellent efforts and other stockholders for their hard work. 

The Prime Minister said the resumption of the IMF program has eliminated the threat of economic default of Pakistan.

Shehbaz Sharif said revival of the IMF program is a positive development for Pakistan's economy.

He said the IMF program is just a step and Pakistan's goal is economic independence.

The Prime Minister said we pray to Allah that this is the last program of IMF and Pakistan will never need it in the future.