WASHINGTON – The executive board of the International Monetary Fund (IMF) will meet today on April 29 for final approval to hand out to Pakistan the final $1.1 billion tranche of its loan program.
The top officials of global lender are expected to approve the final installment, with the meeting continuing until May 3. After IMF’s nod, State Bank of Pakistan is likely to receive the funds in coming days.
The country of over 240 million entered into $3 billion loan program with the IMF in mid-2023, and has already received two tranches totaling $1.9 billion.
Last month, the US-based financial institution reached a staff-level agreement with Pakistan on the final review of the bailout package, after the country’s central bank and outgoing caretaker government vowed strong program implementation.
IMF also expressed hope that the new government would continue efforts to stabilise the economy.
Ahead of the meeting, experts said there are wide chances that IMF board will easily grant approval for the disbursement of funds as Pakistan successfully implemented the reforms.
The South Asian nation has been facing an acute balance of payment crisis, with its foreign exchange reserves remaining low, along with record inflation and rupee devaluation.
https://en.dailypakistan.com.pk/29-Apr-2024/pakistan-s-economic-recovery-in-focus-as-pm-shehbaz-meets-imf-chief-georgieva
