ISALAMABAD: The International Monetary Fund’s (IMF) executive board will meet on 11 January to consider the final approval to disburse the next 700 million dollars tranche from its current loan programme with Pakistan, according to media reports.
The development comes as Pakistan and the IMF last month reached a staff-level deal on the first review of the 3 billion dollars, nine-month Stand-By Arrangement (SBA), which was originally announced on 30 June.
The board approval, which is typically a formality after the staff-level deal, had been the subject of debate as many expected it to happen in December.
Earlier, it had been reported that Islamabad is not on the agenda as the first review remains pending.
Pakistan, IMF agreement
In November, IMF and the Pakistani authorities had reached a staff-level deal on the first review under Pakistan’s Stand-By Arrangement, subjected to approval by the IMF’s Executive Board. It was reported that Pakistan will have access to $700 million tranche.
The deal supports the authorities’ commitment to advance the planned financial consolidation, complete the return to a market-determined exchange rate, expedite the process of cost-reducing reforms in the energy field, and pursue governance and state-owned enterprise reforms to attract investment and support the creation of job opportunities, while continuing to strengthen social assistance.
