IMF board approves $7bn Extended Fund Facility for Pakistan: PMO

The International Monetary Fund’s board (IMF) on Wednesday approved a $7 billion Extended Fund Facility (EFF) for Pakistan, providing a critical boost to the country’s struggling economy. The development was announced by the Prime Minister’s Office (PMO) while a statement is expected from the IMF. The PMO said the premier expressed his satisfaction with the programme’s approval. “The implementation of economic reforms is going on rapidly,” he said, adding that the government would continue to work hard to achieve goals related to economic development after achieving economic stability. The prime minister said the increase in business activities and investment in the country was “welcome and a testament to the hard work of the economic team”. “Along with the successes on the diplomatic front, the increase in remittances from Pakistanis living abroad is a reflection of their confidence in the government’s policies,” he said, adding that the government was grateful to the Pakistani community.