ISLAMABAD: The federal government today received the Letter of Intent (LoI) from the IMF which is being termed a good development for the resumption of loan to Pakistan.
The executive board of the IMF is expected to meet on Aug 24 or 25 to approve disbursement of $1.17 billion worth two tranches for Pakistan under the seventh and eighth reviews.
Finance Minister Miftah Ismail and Acting Governor, State Bank of Pakistan (SBP) Murtaza Syed will sign the LoI which will be sent back to the IMF.
Earlier, the IMF and Pakistan government signed a staff-level agreement in the second week of July, which will be reviewed by the Fund’s board. The board would also consider enhancing the loan amount by $1 billion, to a $7 billion programme as against the earlier amount of $6 billion.
Important to note is that the US dollar, which surged to a record high level of 250 rupees in the open market and 245 rupees in the inter-bank has fallen to 214 rupees in the inter-bank and 213 rupees in the open market on Friday. In the past seven working days, the greenback has constantly lost its value amid developments about the resumption of IMF loans.
