ISLAMABAD – The International Monetary Fund (IMF) has given final nod to $3 billion loan for Pakistan after signing the staff-level agreement.
The Executive Board of the US-based lender approved $3-billion Stand-By Arrangement (SBA) for Pakistan, paving the way for the disbursement of a $1.2 billion tranche.
In a statement, IMF said, “Today, the Executive Board of the IMF approved a 9-month SBA for Pakistan for an amount of SDR2,250 million (about $3 billion, or 111 percent of quota) to support the authorities’ economic stabilisation program,”.
The remaining amount will be phased over the program’s duration, subject to two quarterly reviews,” the IMF added in its statement.
IMF’s recent program will focus on the implementation of the current fiscal year budget to facilitate crisis hit nation needed fiscal adjustment and ensure debt sustainability.
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