Funds have been released by the IMF for Pakistan, more than 1.1 billion dollars will support the Pakistani economy? Antoinette Sayeh, Deputy Managing Director of the IMF, said that it is important to follow the decision in fuel products and energy prices as the conditions of Pakistan's economy have been affected and the chances of recovery are not high. ?

headquarters (IMF)
headquarters International Monetary Fund (IMF) 

The International Monetary Fund (IMF) has approved the seventh and eighth rounds of the bailout program for Pakistan's economic assistance, under which more than $1.1 billion in funds have been given to Pakistan, which has suffered economic setbacks due to floods. will go. This has been jointly confirmed by the fund managers and the Government of Pakistan. The IMF has also reiterated the extension of the said program by one year.This fund can prove to be the 'oxygen of life' for Pakistan affected by the devastating floods. According to the country's planning minister, the floods have caused at least $10 billion in damage so far. In a statement, IMF Deputy Managing Director Antoinette Sayeh said that it is important to implement the planned increases in fuel tariffs and energy rates as Pakistan's economy has been affected by the situation. These include damage from the war in Ukraine and domestic challenges.

Pakistan's foreign exchange reserves have fallen to a level that barely covers a month's exports, and its economy is suffering from a large current account deficit and high inflation. The fund announced the distribution of the money hours after Finance Minister Miftah Ismail broke the news via Twitter.

 The Expanded Fund Facility (EFF) program was initially released for 36 months and was worth $6 billion at the time of its approval in 2019, according to reports.