IMF board expected to approve $1.1b disbursement for Pakistan by end of April

ISLAMABAD: International Monetary Fund’s (IMF) Director of Communications Julie Kozack said on Thursday that the Executive Board Meeting of the global lender on Pakistan is expected to be held by the end of April, ARY News reported.

In a press briefing in Washington, Kozack said: “Pakistan and the IMF reached a staff-level deal on March 19. The economic situation in Pakistan has improved”.

She maintained: “Pakistan will be granted an overall $3 billion in line with the standby arrangement.”

“The country has already secured $1.9 billion,” Kozack added.

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.