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IMF board to approve Pakistan’s loan on 28th of Jan 2022

In the IMF board approves the package for Pakistan on Jan 28, 2022, the fund would hand over about $1 billion to State Bank of Pakistan in next two/three days

ISLAMABAD: Soon after the approval of the mini-budget and SBP amendment bill, the International Monetary Fund (IMF) board has decided to hold its meeting on January 28, 2022, to consider resumption of Pakistan’s suspended $6 billion bailout package.

Earlier, the board’s review meeting was scheduled for January 12, 2022, however, but the Pakistan government requested IMF to postpone it as the parliament wanted more debate on these issues.

Dollar Background

In the IMF board approves the package for Pakistan on Jan 28, 2022, the fund would hand over about $1 billion to State Bank of Pakistan in next two/three days, officials told TTI today.

Pakistan government has fulfilled all the upfront conditions of the IMF linked to the revival of the stalled $6 billion package.

A few days ago, Finance Minister Shaukat Tarin and spokesperson to the finance minister Muzzammil Aslam said the finance division had officially requested the IMF to reschedule the meeting of the Board of Directors for the approval of the 6th review till the end of January as Pakistan had been unable to pass Finance (Supplementary) Bill 2021 which was necessary for the fund’s release.

The government believes that the resumption of IMF bail out package would be a gate way to get more foreign loans, investments and promote economy of Pakistan in 2022 and beyond though consumers will continue to face price-hikes.

Javed Mahmood
Written By

I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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