IMF Board Approves Release of $1.1 Billion Loan for Pakistan

The Executive Board of the International Monetary Fund (IMF) Monday completed the second review of Pakistan’s economic reform program supported by the IMF’s $3 billion Stand-By Arrangement (SBA).

The Board’s decision allows for an immediate disbursement of around US$1.1 billion, according to sources in the Ministry of Finance. The IMF is expected to issue a detailed statement in this regard soon.

It is pertinent to mention here that an IMF team, led by Nathan Porter, visited Islamabad from March 14-19, 2024, to hold discussions on the second review.

The inflow of funds will push the reserves held by the State Bank of Pakistan (SBP) close to the $9 billion mark. As of April 19, the foreign currency reserves held by the SBP were recorded at $7.981 billion.

Source: Pro Pakistani