ISLAMABAD: The International Monetary Fund (IMF) will meet its executive board on May 8 to decide on releasing over $1.2 billion for Pakistan.
According to Beyond Time News, the funds fall under two programmes: the $7 billion Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF).
Pakistan has already qualified for about $1 billion under the third EFF review. It has also secured $210 million under the second RSF review.
Earlier, on March 27, the IMF announced a staff-level agreement with Pakistan. That agreement followed the successful completion of key programme reviews.
Since then, both sides have continued talks on economic reforms. They are focusing on fuel pricing and subsidy cuts in the petroleum sector.
Read more:Pakistan to Close 70 Government Accounts in IMF
The government is working to meet a petroleum levy target of Rs1.47 trillion this fiscal year. Collections have already crossed Rs1.2 trillion in nine months.
Officials expect the target to be met before the year ends. However, the government is still reviewing options. These include raising the petrol levy or restoring the diesel levy to cover revenue gaps.
Meanwhile, the IMF continues to push for a gradual end to fuel subsidies. It says these steps are necessary to improve fiscal stability and support long-term economic reforms.
