IMF board approves $700mln loan for Pakistan

The Executive Board of the International Monetary Fund (IMF) has concluded the first review of Pakistan's economic reform program supported by the Stand-By Arrangement (SBA).

The approval from the IMF Board enables an immediate disbursement of SDR 528 million (approximately US$700 million), bringing the total disbursements under the SBA to US$1.9 billion, according to a news release from the Finance Ministry.

This decision by the IMF Board follows the staff-level agreement reached between the Fund and Pakistan on November 15, 2023, highlighting the nation's commitment to implementing crucial reforms.

The approval from the IMF Executive Board is the result of ongoing efforts by caretaker Finance Minister Shamshad Akhtar and Army Chief General Asim Munir.