IMF allows immediate disbursement of $700 million to Pakistan

ISLAMABAD: Pakistan’s Ministry of Finance announced on Thursday night that the International Monetary Fund (IMF) Executive Board has concluded the first review of the $3-billion Stand-By Arrangement. This paves the way for an immediate disbursement of $700 million to Pakistan.

“The Executive Board of the International Monetary Fund (IMF) completed the 1st review and allows for an immediate disbursement of SDR 528 million (around US$ 700 million) bringing the total disbursements under the SBA to US$ 1.9 billion,” read the tweet of ministry of finance.

The Executive Board of the International Monetary Fund (IMF) completed the 1st review and allows for an immediate disbursement of SDR 528 million (around US$ 700 million) bringing the total disbursements under the SBA to US$ 1.9 billion.

— Ministry of Finance, Government of Pakistan (@Financegovpk) January 11, 2024

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The latest development follows the agreement between the IMF and Pakistani authorities reached on November 15, marking a staff-level consensus on the initial review within the Stand-By Arrangement (SBA). The current IMF programme is set to conclude in the second week of April. The initial tranche of $1.2 billion was disbursed by the Fund in July 2023.