ISLAMABAD – Caretaker Finance Minister Dr. Shamshad Akhtar and State Bank have jointly issued a Letter of Intent to the International Monetary Fund (IMF) for approval of second tranche worth $70 million.
Pakistan through the letter expressed commitment to fulfill all the decided conditions for the second tranche, saying that
This letter underscores Pakistan’s commitment to fulfilling all stipulated conditions, seeking approval for the disbursement of the second tranche, totaling $70 million.
The Executive Board of the IMF has acknowledged receipt of Pakistan’s request and is set to conduct a comprehensive review.
Conditional upon the successful completion of the review, the disbursement of the second tranche under the Stand-By Program is scheduled for January 11, 2024.
The approval is expected to be granted during a session convened in Washington D.C. on the same date.
Alongside the development, Pakistani authorities have reiterated their dedication to adopting a market-based exchange rate for the dollar, aiming to achieve the program’s objectives in fortifying financial stability.
An official confirmed that the signed Letter of Intent, detailing Pakistan’s request for the $70 million disbursement, would be presented to the IMF Board of Directors.
The Board is slated to deliberate on this request during an upcoming meeting.
Given the holiday season in the United States, with Christmas and New Year celebrations, the IMF Board has efficiently scheduled a meeting on January 11, 2024.
During this session, the Board would scrutinize and discuss Pakistan’s request, marking a crucial step in the ongoing economic collaboration between Pakistan and the IMF.
