ISLAMABAD: The International Monetary Fund (IMF) executive board on Thursday granted approval to $700 million as second tranche of $ 3 billion stand-by arrangement (SBA).
According to the Finance Ministry, the IMF approved the first review of Pakistan’s $ 3 billion stand-by arrangement (SBA).
The finance ministry officials said that the board’s approval has allowed an immediate disbursement of US$ 700 million to Pakistan till January 13.
The IMF executive board’s approval came after continued efforts of caretaker Finance Minister Shamshad Akhtar and Army Chief General Asim Munir.
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 the second tranche of $700 million. 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.
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.
