The IMF’s executive board is expected to approve a $1.1 billion disbursement for Pakistan today. The disbursement is part of a $3 billion loan program Pakistan availed from the IMF in 2023. The IMF praised Pakistan’s efforts for economic stabilization and expects the new government to continue these efforts.
International Monetary Fund’s (IMF) executive board meeting is expected to approve the last tranche of $1.1 billion under standby arrangement on Monday (today), ARY News reported on Monday, citing sources.
As per details, the meeting of the IMF executive board will continue until May 3. The international lender is likely to okay the disbursement of $1.1 billion to Pakistan today, the sources said.
They further said, the State Bank of Pakistan is likely to receive the last tranche from the IMF tomorrow, after the approval.
It is to be noted that Pakistan availed $3 billion loan programme from the International Monetary Fund (IMF) on July 12, 2023.
So far, Pakistan has received two tranches of $1.2 billion in July and $700 million in January 2024, totaling $1.9 billion.
Last month, the International Monetary Fund (IMF) reached a staff-level agreement with Pakistan on the final review of a $3 billion bailout package.
The announcement came after the IMF team’s week-long visit to Islamabad concluded on March 19.
The global lender praised Pakistan’s central bank and outgoing caretaker government for “strong program implementation” and hoped the new government would continue its efforts for the stabilization of its economy.
The IMF official added that the new government is committed to continuing the policy efforts that started under the current Stand-By Arrangement to entrench economic and financial stability for the remainder of this year.
Last June, the IMF approved a crucial nine-month arrangement with Pakistan to aid its economic stabilization program.
Today marks a significant milestone for Pakistan as the International Monetary Fund’s (IMF) Board of Directors convenes to consider the approval of a $1.1 billion disbursement to support the country’s economic reform program. This pivotal decision comes at a crucial time, offering a much-needed boost to Pakistan’s economy amidst ongoing challenges.
The proposed disbursement reflects the IMF’s continued commitment to fostering economic stability and growth in Pakistan. It underscores the collaborative efforts aimed at addressing economic vulnerabilities and charting a path towards sustainable development. Moreover, the timely infusion of funds is anticipated to help bolster Pakistan’s foreign exchange reserves, providing greater resilience in the face of external pressures.
The significance of this approval extends beyond financial assistance, signaling a vote of confidence in Pakistan’s reform agenda and its potential for long-term prosperity. It underscores the imperative for continued diligence in implementing structural reforms and policies that promote fiscal responsibility, transparency, and inclusive growth.
As Pakistan awaits the outcome of this pivotal decision, the broader implications of the IMF’s support for the country’s economic trajectory cannot be understated. The approved disbursement represents a testament to the collective resolve in navigating economic challenges and propelling Pakistan towards a more resilient and dynamic future.
Stay tuned for updates on this prominent development and the potential implications for Pakistan’s economic landscape.
Source: ARY NEWS
The IMF’s executive board is expected to approve a $1.1 billion disbursement for Pakistan today, marking the last tranche under a standby arrangement. The State Bank of Pakistan is set to receive the funds tomorrow. Pakistan had availed a $3 billion loan program from the IMF in 2023 and has received two tranches totaling $1.9 billion. The IMF praised Pakistan’s economic recovery and expressed hope for continued efforts under the new government. Last June, the IMF approved a crucial nine-month arrangement to aid Pakistan’s economic stabilization program.
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