Tue 30-08-2022 10:48 AM
WASHINGTON, DC, Aug. 30, 2022 (WAM) — The Executive Board of the International Monetary Fund (IMF) has announced immediate disbursements of approximately US$1.1 billion.
The IMF said on Monday that the announcement was made during the Executive Board’s seventh and eighth joint reviews of the expansion arrangements under the Extension Fund Facility (EFF) for Pakistan.
The IMF has agreed to extend the program for one year, increasing the total funding by 720 million Special Drawing Rights, or approximately $940 million at current exchange rates.
The funding will be a lifeline for the South Asian country hit by devastating floods that caused at least $10 billion in damage, according to the country’s planning minister.
WAM/Laura Algour/Esra Ismail
