In a positive and a much-needed development, the loan-lending body, International Monetary Fund (IMF) confirmed that it had reached a staff-level agreement with Pakistan. The country is set to receive $1.17bn from the IMF.
The agreement was confirmed for the combined seventh and eighth reviews of the $6bn extended loan facility. The EFF was initially secured by the Pakistan Tehreek-i-Insaf government. But with the country reneging on the agreement, the EFF was suspended by the IMF.
Pakistan had to achieve the budget surplus for the revival of the suspended EFF. IMF has also confirmed that it was willing to extend the portfolio to $7bn till the end of the current fiscal year.