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IMF Executive Board to Review Pakistan’s $700 Million Tranche Request on January 11

Letter of Intent has been signed by caretaker finance minister, SBP governor

  • Pakistani authorities re-attest to seek after market conversion scale.
  • They have marked LoI, dispatched to support’s central command.
  • IMF to think about Pakistan’s solicitation for arrival of second tranche.

ISLAMABAD: The International Monetary Fund (IMF) has confirmed its Executive Board would consider Pakistan’s request for completion of the first review and release of the second tranche worth $700 million on January 11 in Washington, The News reported on Tuesday.

A Letter of Intent (LoI) has been signed by caretaker Minister for Finance Dr Shamshad Akhtar and State Bank of Pakistan (SBP) Governor Jameel Ahmad in which they committed with the Lender to execute all conditions that have been agreed upon to get the approval of the second tranche worth $700 million under the $3 billion Standby Arrangement (SBA).

Pakistani authorities emphasized the government would investigate every possibility to guarantee financial combination to achieve the goals of the program. They promised to seek after the market-based swapping scale system.

“Indeed, Pakistani authorities have marked LoI and dispatched to the fund’s central command. Presently the marked LoI has been imparted to the Governing body (Body) of the IMF and they will consider Pakistan’s solicitation to allow their consent for arrival of second tranche worth $700 million inside the following couple of days after the executive’s gathering,” high ranking representative sources affirmed while conversing with The News here on Monday.

There were Christmas and New Year holidays in USA and not long after the IMF’s board calendar was given by which the fund’s board was scheduled to meet on January 11 to take up Pakistan’s solicitation for the arrival of the second tranche under the SBA program.

In November 2023, Pakistan arrived at a staff-level concurrence with the IMF under the $3 billion SBA and had been anticipating the board’s endorsement to get a subsequent tranche.

The continuous SBA program will lapse on April 14, 2024.

In December 2023, IMF Executive Director Bahador Bijani noted an overall improvement in the country’s economic situation, saying, the “Pakistani authorities have delivered”.

He had offered these comments at an occasion facilitated by Pakistan’s ambassador to the US in honour of friends of Pakistan from International Financial Institutions including IMF, International Finance Corporation (IFC), World Bank (WB), and Multilateral Investment Guarantee Agency (MIGA), at Pakistan House in Washington.

“I think the future for Pakistan is extremely splendid. Pakistan isn’t simply any country. It’s perhaps of the main country in the area and on the planet. Pakistanis merit significantly more,” the IMF leader chief was cited as saying in an authority explanation.

Nathan Porter, IMF Mission Chief to Pakistan, had likewise communicated fulfillment over the as of late finished up staff-level arrangement. He had said that the activities and strategies of the ongoing government mirrored its obligation to control the country towards adjustment.

Pakistan is staggering from Asia’s quickest expansion, has about $1 billion in dollar-designated obligation due this year and is planned to hold races in February.

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