IMF Executive Board approves $3bn Stand-By Arrangement for Pakistan
The Executive Board of the International Monetary Fund (IMF) approved a new $3bn Stand-By Arrangement for Pakistan on Wednesday!
The Board’s approval allows for an immediate disbursement of SDR894 million or about US$1.2 billion.
“Today, the Executive Board of the IMF approved a 9-month SBA for Pakistan for an amount of SDR2,250 million (about $3 billion, or 111 percent of quota) to support the authorities’ economic stabilization program,” IMF said in a statement.
“The Executive Board’s approval allows for an immediate disbursement of SDR894 million (or about US$1.2 billion). The remaining amount will be phased over the program’s duration, subject to two quarterly reviews,” the IMF added in its statement.
The development comes days after the IMF reached a staff-level agreement with Pakistani authorities on policies to be supported by the nine-month SBA.
