The International Monetary Fund said on Wednesday that it granted a $ 500 million rebate to Pakistan for budget support after delays in the IMF Executive Board’s review of Pakistan’s $ 6 billion loan program.
The IMF said in a statement that the total disbursement under the latest paid extended fund facility brought in $ 2 billion as the program was first approved in July 2019.
IMF Deputy Managing Director Antoinette Seh said in a statement, Pakistani officials continue to make satisfactory progress under the fund-supported program, which has been an important policy anchor during an unprecedented period.
The Kovid-19 epidemic continues to face challenges, he said, but officials’ policies have been instrumental in supporting the economy and saving lives and livelihoods.
The disbursement was made by Pakistan after the issue of data guaranteeing dating back in the 2016 fiscal year was misreported and put the government in non-compliance with the program Was.
The IMF said that Pakistani authorities took strong corrective action to address institutional deficiencies, including the lack of inter-coordination, fixing the problem.