IMF may delay release of 3rd tranche to Pak: Report

Islamabad, April 5 (IANS) The International Monetary Fund (IMF) might delay the release of a third tranche worth $450 million for Pakistan in the wake of the coronavirus pandemic, a media report said on Sunday.

Under the existing arrangement of $6 billion Extended Fund Facility (EFF), approval of the third tranche might be delayed for a while because all macroeconomic targets have shaken, The News International report said.

However, the IMF’s management has agreed to consider Pakistan’s separate request of providing $1.4 billion under the Rapid Finance Instrument (RFI) for combating the COVID-19 pandemic.

Both Pakistan and IMF officials have not commented on the development.

When the IMF’s Resident Chief in Pakistan Teresa Daban Sanchez was contacted for inquiring about approval of $1.4 billion under RFI, she tod The Express Tribune that “it is not yet announced by the IMF’s Board of Directors”.

“The IMF team is working hard for prompt approval and disbursement of RFI. Hopefully, it will be done by mid-April,” she added.

–IANS

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