Julie Kozack, Director of Communications at the International Monetary Fund (IMF), stated on Thursday that the Executive Board Meeting concerning Pakistan is anticipated to convene by the conclusion of April.
During a press briefing in Washington, Kozack remarked, “Pakistan and the IMF reached a staff-level agreement on March 19, indicating an amelioration in Pakistan’s economic conditions.”
She reiterated, “Pakistan is set to receive a total of $3 billion in accordance with the standby arrangement, of which $1.9 billion has already been secured.”
Previous reports indicated that negotiations on an economic review between Pakistan and the international lender had concluded successfully last month.
Both parties had reached a staff-level consensus on the second and final review under the stand-by arrangement, pending approval from the IMF’s Executive Board.
In a statement, it was disclosed that Pakistan is slated to receive the final installment of $1.1 billion from a $3 billion loan agreement next month, contingent upon the approval of the IMF Executive Board.
Upon receipt of the final tranche, Pakistan’s current standby arrangement of $3 billion will expire. Reports suggest that the IMF has commended Pakistan’s economic measures.
Nathan Porter, leading the IMF team, stated, “Pakistan’s economic and financial standing has improved since the initial review, with growth and confidence rebounding due to prudent policy management and renewed inflows from multilateral and bilateral partners.”
