ISLAMABAD - Pakistan is expecting to receive inflows from International financial institutions in next couple of months as the International Monetary Fund (IMF)’s Executive Board would meet on January 11 next year to approve next tranche worth of $700 million for Pakistan.
“We are pleased to confirm that the IMF’s Executive Board Meeting is scheduled to consider the first review under Pakistan’s current Stand-By arrangement on January 11, 2024” said IMF Resident Representative Eisther Perez Ruiz.
The IMF had approved a nine-month stand-by arrangement (SBA) for Pakistan worth $3 billion in July this year. Pakistan had received one tranche $1.2 billion in July 2023. Pakistan and IMF had reached on a staff-level agreement (SLA) with the Pakistani authorities in November this year on the first review of the stabilization program, which was subject to approval of the IMF’s Executive Board. The agreement was subject to approval of the IMF’s Executive Board. Upon approval around US$700 million (SDR 528 million) will become available bringing total disbursements under the program to almost US$1.9 billion.
Pakistan is expecting to receive funds from international financial institutions after IMF deal. The staff-level agreement would enable approvals of $1 billion in loans and the Asian Infrastructure Investment Bank $250 million. According to officials, these agreements were already at an advanced stage and were pending for the IMF’s agreement. Talks with some other commercial entities were also at an advanced stage to materialise $3.5 billion projected commercial inflows. The Asian Development Bank (ADB) had approved this week three projects totalling $658.8 million to help Pakistan achieve its goal of more inclusive and sustainable growth and development.