IMF announces to restore Pakistan’s loan program; Miftah congratulates the nation
International Monetary Fund (IMF) has approved the bailout package for Pakistan, in a massive relief to the government as cash strapped country is facing recent floods and economic uncertainty.
Taking to Twitter, Finance Minister Miftah Ismail said” “Alhamdulillah the IMF Board has approved the revival of our Expanded Fund Facility (EFF) program.”
“We should now be getting the 7th & 8th tranche of $1.17 billion,” he added.
Miftah Ismail further said that ‘ I want to thank the Prime Minister Shehbaz Sharif for taking so many tough decisions and saving Pakistan from default. I congratulate the nation.’
Later, Miftah Ismail while speaking to the private news channel said that, today IMF has approved Pakistan’s loan program, all the countries of the world have voted in Pakistan’s favor, except India.
The IMF will now immediately disburse about $1.2 billion to Pakistan and may provide up to $4 billion over the remainder of the current fiscal year, which began on July 1.
However, an official statement is yet to be released by the global lender.