IMF Board meeting scheduled for ‘late April’

WEB DESK: The International Monetary Fund (IMF) is gearing up to give Pakistan a financial boost of around $1.1 billion in its final installment of a $3-billion support package.

This decision is expected to be formalised during the IMF’s Executive Board meeting scheduled for late April.

Julie Kozack, the IMF’s Communication Director, shared this update during a recent media briefing. She revealed that on March 19, both the IMF staff and Pakistani authorities reached a preliminary agreement on the final review of Pakistan’s Stand-By Arrangement (SBA).

However, this agreement hinges on the approval of the IMF’s Executive Board.

Once approved, Pakistan will gain access to approximately $1.1 billion, completing the disbursement of the $3-billion SBA. Kozack said, we’re anticipating the board meeting to occur in late April.”

Furthermore, Kozack addressed the IMF’s readiness to collaborate on a new medium-term programme, prompted by a letter from Pakistan Tehreek-e-Insaf (PTI).

She acknowledged the diligent efforts of the State Bank of Pakistan (SBP) and the interim government in implementing the programme, as well as the new government’s commitment to ongoing policy reforms aimed at propelling Pakistan towards a strong and sustainable recovery.

Highlighting Pakistan’s improving economic outlook, Kozack noted growth and confidence are on an upward trajectory since the completion of the first review.

She mentioned that the IMF will soon release updated growth forecasts for Pakistan as part of its World Economic Outlook.

Kozack reassured that the IMF is ready to engage in discussions with Pakistani authorities regarding the new programme.

She underscored the authorities’ interest in a successor programme aimed at addressing Pakistan’s fiscal and external stability challenges while fostering inclusive growth. “We’re prepared to start these discussions in the months ahead,” she affirmed.