Pakistan completes all prior actions for loan review, IMF says

August 02, 2022 (MLN): Pakistan has completed all prior actions for loan review, says Dr Esther Perez Ruiz, International Monetary Fund (IMF)’s Resident Representative for Pakistan.

In a message to a news agency, she said that the country has met its last prior action of the IMF for the combined 7th and 8th review after increasing the petroleum development levy (PDL).

As of July 31, PDL stood at Rs10 per litre on petrol and Rs5 each on HSD, kerosene and LDO.

The board meeting is tentatively planned on August 24, 2022 once adequate financing assurances are confirmed.

To note, on July 13, 2022, the IMF team, led by Nathan Porter reached a staff-level agreement (SLA) with the Pakistan authorities for the conclusion of the combined seventh and eighth reviews of the Extended Fund Facility (EFF)-supported program. The country will receive $1.177 billion after the approval of IMF’s Executive Board, bringing total disbursements under the program to about $4.2bn.

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