Today (Wednesday), the International Monetary Fund (IMF) Executive Board will meet to evaluate the $3 billion stand-by agreement with Pakistan to disburse the first tranche of $1.1 billion as part of the loan programme.
On Friday, Pakistan received a much-needed $3 billion stand-by agreement (SBA) from the International Monetary Fund, providing the South Asian economy with much-needed relief as it teeters on the verge of default.
The IMF Executive Board must approve the staff-level agreement on the SBA. The SBA is a bailout package designed to provide immediate relief and boost Pakistan’s foreign exchange reserves.
The last Extended Fund Facility terminated on June 30, with the ninth, tenth, and eleventh reviews still outstanding.
The International Monetary Fund (IMF) recently met with the economic teams of the Pakistan People’s Party (PPP) and the Pakistan Tehreek-e-Insaf (PTI), seeking assurances of their support for ‘important objectives’ under the new $3 billion Standby Agreement with Pakistan.
The IMF representatives met with Naveed Qamar and Saleem Mandiwala of the PPP’s economic team to seek assurances on the bailout agreement.
During the discussion, the two parties reviewed the $3 billion Standby Agreement struck between the global lender and the Pakistani government.
