IMF approves $3 billion loan for Pakistan

ISLAMABAD: The International Monetary Fund (IMF) has approved a $3 billion loan programme for Pakistan. The IMF’s Executive Board on Wednesday granted approval for the stand-by arrangement.

Following the decision, an immediate disbursement of $1.2 billion will be released.

According to the statement, $1.8 billion will be scheduled for disbursement in November and February after the completion of two reviews.

As per the IMF, Pakistan will have to strictly adhere to agreed policies and implement economic reform programs to provide immediate support to the economy.

Read more: Pakistan gets $1 billion from UAE

Hours before the decesion, the State Bank of Pakistan (SBP) received $1 billion from the United Arab Emirates (UAE), increasing the country’s foreign reserves to $3 billion.