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IMF Expected to Approve Pakistan's $1.1 Billion Tranche Release

Photo : AFP

ISLAMABAD: Pakistan's bid for the release of the final $1.1 billion tranche from the International Monetary Fund (IMF) will be presented in the global lender's executive board meeting scheduled for today, according to Finance Ministry sources speaking to Geo News on Monday.

The IMF delegation has already recommended the release of the installment, and sources indicate that approval for the $1.1 billion tranche is expected once the case is presented before the board.

"Pakistan awaits the disbursement of the third and final installment under the Stand-By Arrangement (SBA) agreement, having already received $1.9 billion from the IMF under the same," the sources stated.

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They further noted that Pakistan has met the targets outlined in the agreement, thus fulfilling its obligations.

Additionally, it's reported that Pakistan's economic team will engage in discussions with the IMF for a new loan program in May. The IMF delegation is anticipated to visit Pakistan around mid-May to negotiate terms for a new long-term Extended Fund Facility (EFF) following the conclusion of the current $3 billion SBA.

Prime Minister Shehbaz Sharif met with IMF Managing Director Kristalina Georgieva on the sidelines of the World Economic Forum Special Meeting in Riyadh on Sunday. During the meeting, PM Shehbaz reiterated the government's commitment to revitalizing Pakistan's economy and discussed the possibility of entering into another IMF program.

The Prime Minister expressed gratitude to IMF Chief Georgieva for her assistance in securing the $3 billion SBA from the IMF last year. He emphasized his administration's dedication to implementing structural reforms, maintaining fiscal discipline, and pursuing prudent policies to ensure macroeconomic stability and sustained economic growth.

IMF Managing Director Georgieva commended PM Shehbaz's leadership for securing the SBA in a timely manner and shared insights on the ongoing program review with the Premier during the meeting.

April 29, 2024 4:17 p.m. 9814

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