IMF said that its Executive Board meeting is expected to be held in “late April”, upon which Pakistan would receive the funds of around $1.1 billion (SDR 828 million) as its final tranche of the $3-billion Stand-By Arrangement (SBA) inked last year in June.
This was stated by IMF Communication Director Julie Kozack while addressing a media briefing.
“So, on March 19, IMF staff and the Pakistani authorities reached a staff-level agreement on the second and final review under Pakistan’s SBA.
“This is subject to approval by the IMF’s Executive Board. Upon approval by the Board, Pakistan will have access to around $1.1 billion, bringing total disbursements under the SBA to about $3 billion.
“We expect the board meeting to occur in late April,” she said.
Kozak said the staff-level agreement recognises the robust programme implementation by the State Bank of Pakistan (SBP) and the caretaker government in recent months, as well as the new government’s intentions for ongoing policy and reform efforts to move Pakistan from stabilisation to a strong and sustainable recovery.
The IMF official commented on Pakistan’s economic fundamentals, saying its economic and financial position has improved in the months since the first review was completed.
“Growth and confidence are continuing to recover. And we will be releasing our latest growth forecasts for Pakistan in the next weeks as part of our World Economic Outlook.”
Kozack reiterated that the Washington-based lender “stands ready” to engage in discussions on the new programme discussion with the Pakistani authorities.
“The authorities have expressed interest in a successor IMF-supported programme that would resolve Pakistan’s fiscal and external stability challenges and lay the foundation for inclusive growth.