[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]Pakistan and the International Monetary Fund (IMF) have achieved a staff-level agreement on the initial review within Pakistan’s Stand-By Arrangement (SBA), as stated in an announcement by the international lender on Wednesday.
The statement mentioned, “The IMF team has reached a staff-level agreement (SLA) with the Pakistani authorities on the first review of their stabilization program supported by the IMF’s US$3 billion (SDR2,250 million) SBA (Press Release No. 23/261).”
Read more : Pakistan Nears Crucial $710 Million Instalment As IMF Talk Reaches Final Stages
The accord is contingent upon approval from the IMF’s Executive Board. Upon approval, an approximate sum of US$700 million (SDR 528 million) will be accessible, bringing the total disbursements under the program to nearly US$1.9 billion.
During the period of November 2-15, 2023, an IMF team, led by Nathan Porter, visited Islamabad to engage in discussions regarding the first review of Pakistan’s economic program supported by the SBA.
The IMF noted, “Anchored by the stabilization policies under the SBA, a nascent recovery is underway, buoyed by international partners’ support and signs of improved confidence. The steadfast execution of the FY24 budget, continued adjustment of energy prices, and renewed flows into the foreign exchange (FX) market have lessened fiscal and external pressures.”
Additionally, on the same day, IMF Mission Chief Nathan Porter and IMF Resident Representative for Pakistan Esther Perez met with Caretaker Prime Minister Anwaar-ul-Haq Kakar. The prime minister reiterated the government’s enduring commitment to the agreed reform efforts with the IMF, aimed at stabilizing Pakistan’s economy in the long run.[/vc_column_text][/vc_column][/vc_row]
