The Executive Board of the International Monetary Fund (IMF) on Thursday completed the 1st review and allowed for an immediate disbursement of SDR 528 million (around US$ 700 million) to Pakistan, bringing the total disbursements under the SBA to US$ 1.9 billion.
Taking to the microblogging site X, formerly known as Twitter, Pakistan’s Ministry of Finance said, “The Executive Board of IMF completed the 1st review of Pakistan’s economic reform program supported by IMF’s Stand By Arrangement (SBA) today.”
The Executive Board of the International Monetary Fund (IMF) completed the 1st review and allows for an immediate disbursement of SDR 528 million (around US$ 700 million) bringing the total disbursements under the SBA to US$ 1.9 billion.
— Ministry of Finance, Government of Pakistan (@Financegovpk) January 11, 2024
The approved amount is part of the standby arrangement totaling $3 billion between Pakistan and the IMF. Notably, Pakistan has already received $1.2 billion under this nine-month programme.
The latest approval signals a continued financial partnership, with an additional $1.1 billion set to be disbursed upon the completion of the last economic review.
The IMF programme has been crucial in helping Pakistan stabilize its economy after a period of turmoil. The country’s foreign exchange reserves have increased significantly, inflation has come down, and the budget deficit has been reduced.
The Pakistani government has pledged to continue implementing reforms under the IMF program, including measures to improve tax collection, strengthen the financial sector, and reduce the budget deficit. These reforms are essential for achieving sustainable economic growth and improving the lives of all Pakistanis.
