IMF EFF – Staff level agreement reached on the sixth review

A press release of IMF on November 21, 2021 confirmed that the IMF staff and Pakistani authorities have reached a staff-level agreement on the sixth of IMF Extended Fund Facility (EFF) program, enabling the final disbursement of SDR 750mn (~USD 1,059 million) subject to approval of the IMF’s Executive Board. With this the total disbursements under the EFF will reach USD 3.03bn, out of the total USD 6bn approved under the EFF program.

Notable achievements:

IMF commended the continued progress Pakistani economy has achieved over the course of the program, stating that most of the targets under the EFF-supported program were on track. The press release states that all quantitative performance criteria (PCs) for Jun’21 were largely met, except for that on the primary budget deficit. It also highlights the key achievements of Pakistan including:

Finalization of the National Socio-Economic Registry (NSER)

Parliamentary adoption of the National Electric Power Regulatory Authority (NEPRA) Act Amendments

Notification of all pending quarterly power tariff adjustments

Payment to independent power producers (IPPs)

Progress in improving the anti-money laundering and combating the financing of terrorism (AML/CFT) framework.

Courtesy – AHL Research

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