ISLAMABAD – International Monetary Fund (IMF) Director Communications Julie Kozack revealed that Pakistan is set to receive a total of $3 billion under the standby arrangement.
She said that the global lender is due to convene an Executive Board Meeting concerning Pakistan by the end of April.
“Pakistan and the IMF reached a staff-level agreement on March 19. The economic conditions in Pakistan have shown improvement,” said Kozack during a press briefing held in Washington.
She said, “Pakistan is set to receive a total of $3 billion under the standby arrangement,” pointing out that the country has already secured $1.9 billion of this amount.
Last month, Pakistan and the International Monetary Fund (IMF) finalized a staff-level agreement pertaining to the last review of a $3 billion bailout package. This development followed the conclusion of the IMF team’s week-long visit to Islamabad on March 19.
The IMF commended Pakistan’s central bank and the outgoing caretaker government for their “strong program implementation” and expressed hope that the new government would continue efforts toward economic stabilization.
In June of the previous year, the IMF greenlit a crucial nine-month arrangement with Pakistan aimed at supporting its economic stabilization program.
The IMF representative emphasized the new government’s commitment to maintaining the policy measures initiated under the current Stand-By Arrangement to reinforce economic and financial stability throughout the remainder of the year.
