IMF board likely to approve $700mln loan for Pakistan today
- By Web Desk -
- Jan 11, 2024
The International Monetary Fund (IMF) executive board is likely to approve the first review of Pakistan’s $ 3 billion stand-by arrangement (SBA) today (Thursday), ARY News reported, quoting the finance ministry.
The current IMF program of $3 billion is scheduled to end in the second week of April 2024, with around $1.8 billion remaining un-disbursed. The Fund released $1.2 billion first tranche in July.
With the approval of the IMF board, Pakistan will get an installment of about 700 million US dollars. The finance ministry officials said Pakistan has achieved all IMF targets and hopefully will be able to get the required results.
The officials said that Pakistan strictly implemented the economic reforms.
A first review under the $3 billion short-term loan program will be presented to the board while the IMF board will review the approval of the second tranche for Pakistan today.
Read more: Pakistan reaches staff-level agreement with IMF for second tranche
It is pertinent to mention here that on 16th November last year, Pakistan and IMF reached a staff-level agreement on the first review under Pakistan’s SBA.
The agreement supports the authorities’ commitment to advance the planned fiscal consolidation, accelerate cost-reducing reforms in the energy sector, complete the return to a market-determined exchange rate, and pursue state-owned enterprise and governance reforms to attract investment and support job creation, while continuing to strengthen social assistance.