Pakistan to discuss Extended Fund Facility with IMF next month

REUTERS :
The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, US, September 4, 2018.
The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, US, September 4, 2018. Photo : Reuters/Yuri Gripas/Files
Pakistan will discuss an Extended Fund Facility (EFF) with the International Monetary Fund (IMF) in Washington next month, Finance Minister Muhammad Aurangzeb said on Friday, as the country looks to alleviate a full-scale economic crisis.
Cash-strapped Pakistan’s standby $3 billion arrangement with the global lender expires on April 11, and the two sides reached a staff-level agreement regarding the disbursal of the final tranche of $1.1 billion earlier this week.
“We have expressed our strong interests in an Extended Fund Facility with the IMF, but the quantum is not clear yet,” Aurangzeb said at a media briefing, adding that the lender was “very receptive” to the request.
The US has also been “very supportive” in the matter, the minister said.
Prime Minister Shehbaz Sharif, after he was sworn in for his second consecutive term following a national election marred by allegations of rigging, had directed his finance team to begin work on seeking an extended fund facility from the IMF.