IMF approves $3bn loan for Pakistan

The International Monetary Fund (IMF) has approved a $3 billion loan for Pakistan after signing the staff-level agreement last month, ARY News reported.

As per details, the loan was approved by the Executive Board of the International Monetary Fund (IMF).

According to official statement, the International Monetary Fund has directed to immediately disburse $1.2 billion while the remaining $1.8 billion will be scheduled in November and February in two installments after reviewing the policies.

The IMF executive board said that Pakistan has to strictly follow the policies which were finalized in the IMF deal and the target set in the budget should also be implemented.

The statement further read that Pakistan needs to keep the exchange rate on market based and the country needs to adopt strict monetary policy.

Earlier today, Finance Minister Senator Ishaq Dar announced that Pakistan received $1 billion in funds in financial assistance from the friendly country, United Arab Emirates (UAE). The United Arab Emirates (UAE) deposited $1 billion with Pakistan’s central bank to support foreign exchange reserves.

It is pertinent to mention here that on June 30, Pakistan signed a badly needed $3 billion staff-level agreement with the International Monetary Fund (IMF). International Monetary Fund (IMF) announced that a “Stand-By Arrangement” was reached successfully with Pakistan, valuing $3 billion for 9 months.