The Government of Pakistan has received a letter of intent from the International Monetary Fund (IMF) regarded extended loan facility, which is another step closer to disbursement of the billion-dollar tranche for the combined seventh and eighth review, reported 24NewsHD TV channel.

The government will sign off on the letter of intent and send it back to the IMF, sources in the Ministry of Finance said, adding that the IMF Executive Board’s approval is now the final step for revival of the stalled Extended Fund Facility (EFF).

Earlier this month, the IMF announced that Pakistan has completed the last prior action for the combined seventh and eighth review following the increase in petroleum development levy (PDL), adding that the board meeting is tentatively planned for late August once adequate financing assurances are confirmed.

After approval of the Executive Board, “about $1,177 million will become available, bringing total disbursements under the programme to about $4.2 billion,” the IMF had said in its statement then.