The IMF board agrees to give Pakistan a loan of $1.1 billion.
30 August 2022, 10:26 a.m.
The Pakistani Rupee (PKR) rose against the US dollar on Tuesday after the International Monetary Fund (IMF) approved a loan tranche for cash-strapped Pakistan.
In previous sessions, the rupee kept losing ground, but it gained Rs 1.92 against the dollar and was being traded at around Rs 220.
Earlier, the board of the International Monetary Fund approved the seventh and eighth reviews of Pakistan’s bailout programme. This made it possible for about $1.1 billion to be given to the country.
Related: The rupee falls to a new all-time low of Rs202.83.
The IMF agreed to keep the programme going for another year and to add $720 million to the total funding. This will bring the total amount of money available through the EFF to about $6.5 billion.
When it was first approved in 2019, the Extended Fund Facility (EFF) was set to last for 36 months and cost $6 billion. Since early this year, it had stopped moving forward because Islamabad was having trouble meeting the lender’s goals.
