IMF's Executive Board to consider Pakistan's case for $700m tranche on Jan 11

The International Monetary Fund (IMF) is set to consider Pakistan's request for the completion of the first review and the release of the second tranche, amounting to $700 million, on January 11 in Washington.

Caretaker Minister for Finance Dr. Shamshad Akhtar and State Bank of Pakistan (SBP) Governor Jameel Ahmad have signed a Letter of Intent (LoI), committing to fulfill all agreed conditions to secure approval for the second tranche under the $3 billion Standby Arrangement (SBA).

Pakistani authorities have affirmed their dedication to fiscal consolidation and the pursuit of a market-based exchange rate mechanism. The IMF's board meeting is scheduled for January 11, following the Christmas and New Year holidays in the USA. The ongoing SBA program is set to expire on April 14, 2024.