IMF to Release $1.1 b to Pakistan, New Loan Program on Horizon

The International Monetary Fund (IMF) is set to release $1.1 billion to Pakistan today, marking the third and final installment of its $3 billion loan program by Stand-By Arrangement.

This comes after Pakistan has already received $1.9 billion from the IMF, having met the lender’s targets.

New Loan Program in the Works

Sources reveal that Pakistan’s economic team and the IMF will begin discussions on a new loan program next month, with an IMF mission expected to visit Pakistan in mid-May.

This new program is expected to be significantly larger than previous disbursements.

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Finance Minister’s Strategy

Finance Minister Muhammad Aurangzeb has expressed his aim to secure a Staff-Level Agreement on the new loan program by June-July 2024.

He also unveiled his strategy to avoid future IMF programs, with a focus on obtaining a larger and longer 24th program.

The minister is optimistic about securing additional inflows in June, which would boost foreign exchange reserves to $10 billion.

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Boost to Pakistan’s Economy

This development is expected to provide a much-needed boost to Pakistan’s economy, which has been facing challenges in recent times.

The release of funds and the potential for a new loan program indicate a positive trajectory for the country’s economic growth.

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