Pakistan, IMF hold talks for $1 billion loan installment

ISLAMABAD: Talks of Pakistan with the International Monetary Fund (IMF) are underway for the second day in a row in Islamabad, for the release of $1 billion tranche of the loan installment, ARY News reported, citing sources.

According to details, this is the second day of technical level virtual talks between Pakistan and the International Monetary Fund (IMF).

Sources said that talks have started between the IMF team and finance ministry officials. Secretary ministry of finance, additional secretary and officials are participating in the talks.

The finance ministry said that the officials would brief the IMF on financial matters while technical-level talks would be followed by policy-level talks.

Negotiations are underway with the IMF for a $1 billion loan installment. Negotiations with IMF officials will continue this week.

It is to be mentioned that a loan agreement worth $6 billion was delayed between the IMF and Pakistan.

On August 24, Pakistan received $2.75 billion from the International Monetary Fund (IMF).

As per the State Bank of Pakistan (SBP), the country has received 2.75 billion US dollars from the IMF as part of the SDR allocation.

With the transfer of $2.75 billion, the country’s foreign exchange reserves have jumped to $27.4 billion.