ISLAMABAD: The Executive Board meeting of the International Monetary Fund (IMF) for the combined seventh and eighth review under the Extended Fund Facility (EFF) has been set for August 29.
According to the representative of the IMF in Islamabad, the meeting of the executive board of the IMF will be held on August 29 to approve a tranche of $1.17 billion for Pakistan. The seventh and eighth reviews will be approved in the meeting.
The release of the tranche will provide the country with a much-needed boost as the State Bank of Pakistan now only holds $7.8 billion in foreign currency reserves, hence the renewal of the IMF program is necessary to fill the deficit in external finance.
Earlier, Finance Minister Miftah Ismail confirmed that the letter of intent was sent back to the global lender with his and State Bank of Pakistan Acting Governor Murtaza Syed s signatures.