January 12, 2024
1 min read

IMF Quickens $700 Million Aid to Pakistan

The IMF said that following the Board’s decision, the total disbursements under the arrangement will get to around $1.9 billion…reports Asian Lite News

The International Monetary Fund (IMF) announced that its Executive Board has completed the first review of Pakistan’s economic reform program supported by the global lender’s Stand-By Arrangement (SBA), allowing for an immediate disbursement of about $700 million.

In an official statement, the IMF said that following the Board’s decision, the total disbursements under the arrangement will get to around $1.9 billion, reports Xinhua news agency.

Pakistan’s nine-month SBA was approved by the Executive Board in July last year, in the amount of about $3 billion at the time of approval, aimed to provide a policy anchor for addressing domestic and external balances and a framework for financial support from multilateral and bilateral partners, it said.

The economic activity has stabilised in Pakistan, although the outlook remains challenging and dependent on the implementation of sound policies, it added.

The current IMF programme is expected to conclude in the second week of April.

In November 2023, a Staff-Level Agreement was reached between the IMF staff and Pakistani authorities regarding the first review under the country’s SBA.

This agreement was contingent upon approval by the IMF’s Executive Board.

ALSO READ: Senior Pakistan SC Judge Ijaz Ul Ahsan Resigns

Previous Story

France’s new PM forms government

Next Story

Ahead of Republic Day, SFJ Launches Khalistan Referendum Registration in India

Latest from -Top News

Ramaphosa gains from US showdown

South African President’s conduct with Trump reminded South Africans of his diplomatic pedigree, and of his importance to the country’s rules-based order South Africa’s President Cyril Ramaphosa and his delegation went to

Armed gangs kill dozens in Nigeria

A local state governor said “scores” of people had been killed in the attacks, which also saw homes and properties destroyed. Northeast Nigeria has been gripped by a deadly wave of violence

Children die as USAID aid cuts snap a lifeline

Trump administration cut more than 90% of USAID’s foreign aid contracts and $60 billion in overall assistance around the world. Programs serving children were hit hard Under the dappled light of a
Go toTop

Don't Miss

Nadeem Anjum appointed new spy chief of Pakistan

According to the notification, the incumbent ISI director general, Lt

Political Deadlock Continues in Pakistan

Efforts are underway to establish a new government, requiring at