The International Monetary Fund (IMF) has granted a waiver after Pakistan failed to meet the Net International Reserves (NIR) performance criteria for the first quarter. The Fund has also modified the criteria for second quarter end-December 2013 . This has been disclosed in the report titled first review under the Extended Fund Facility (EFF) request for a waiver of non-observance of performance criterion and modification of performance criteria of NIR. On the basis of Pakistan's performance under the extended arrangement and proposed corrective measures, staff supports the authorities' request for completion of the first review under the arrangement and for a waiver for the non-observance of the performance criterion on net international reserves accumulation. Staff also recommends approval of the modifications of end-December 2013 performance criteria on net international reserves.
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