Washington, DC (BBN) – The International Monetary Fund (IMF) has approved a nine-month extension of Pakistan’s $10.66 billion Stand-By Arrangement (SAB) loan facility.

“The extension will provide time to the Pakistani authorities to complete the reform of the General Sales Tax, implement measures to correct the course of fiscal policy, and amend the legislative framework for the financial sector,” the IMF said on Monday.

The IMF staff is continuing its dialogue with the Pakistani authorities on the program’s fifth review, according to the IMF statement.

The facility was set to expire at the end of December this year; Pakistan requested the extension earlier this month.

BBN/SI/AD-28Dec10-12:11 pm (BST)