Pakistan may get $1.17bn tranche soon as IMF signs LOI

The International Monetary Fund (IMF) will soon release US$1.17 billion tranche as it has agreed to the letter of intent (LOI) forwarded by Pakistan.

Sources privy to the development confirmed that the Fund has signed the LOI sent from Pakistan and returned it to the country which will now sign it.

On August 2, the IMF confirmed that Pakistan had attained all the set targets for the revival of the Extended Fund Facility (EFF) programme.

“Pakistan will send back the signed LOI to the IMF today,” they said, adding that the letter of intent was prepared by Pakistan a month back and since then IMF has been satisfied with its points and action plan.

Meanwhile, the Pak Rupee continued its upsurge to reach Rs215.49 against the dollar on Friday, as Pakistan received the letter of intent (LoI) from the International Monetary Fund, currency dealers observed.

The local unit gained Rs3.39 to close at Rs215.49 to the dollar from Thursday’s closing of Rs218.88 in the interbank foreign exchange market.

Currency experts said that the rupee has been on an upward stream as the market celebrated the positive news flow regarding the IMF programme.

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