IMF Executive Board to approve $1.2 billion for Pakistan on THIS date

ISLAMABAD: The International Monetary Fund (IMF) has released the calendar for its upcoming Executive Board meetings, with Pakistan’s case scheduled for December 8.

According to the IMF, the Executive Board may approve a total of $1.2 billion for Pakistan, including the disbursement of $1 billion under the ongoing loan program.

Additionally, the first tranche of $200 million under the Resilience and Sustainability Facility (RSF) — aimed at supporting climate resilience initiatives — may also be released during the meeting.

On October 15, the International Monetary Fund (IMF) and Pakistan reached staff-level agreement under which the international lender will provide an additional $1.2 billion to the country.

According to the official statement, the IMF has approved a $1 billion tranche under the ongoing 37-month loan program, along with $200 million for climate resilience initiatives.

The statement noted that Pakistan successfully met stringent economic targets, satisfying the IMF mission that stayed in the country from September 24 to October 8.

Further discussions continued even after the mission’s departure, resulting in a successful conclusion.

“Pakistan demonstrated a 1.6% primary surplus despite the impact of floods and continued implementation of tax reforms. An action plan has been prepared to address any tax shortfalls, while the federal and provincial governments will jointly allocate funds for flood relief efforts.”

The IMF acknowledged Pakistan’s success in achieving social sector goals, including an increase in Benazir Income Support Programme (BISP) allocations to alleviate poverty. Timely measures were also taken at both federal and provincial levels for education and public health.