The International Monetary Fund (IMF) is set to approve the next $700 million tranche from its current loan program for Pakistan on January 11, according to a spokeswoman quoted by Bloomberg. The IMF board will meet to consider the final approval after Pakistan reached a staff-level agreement with the IMF on November 16. The loan is part of a $3 billion Stand-by Arrangement (SBA) that Pakistan and the IMF agreed on in July 2023, replacing the previous Extended Fund Facility (EFF) that expired on June 30, 2023. The SBA aims to support Pakistan’s economic stabilization program in the face of multiple shocks and challenges. The first tranche of $1.2 billion was disbursed immediately after the SBA was approved by the IMF board.

Source: Pakistan Today December 08, 2023 06:25 UTC