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IMF to Discuss $1.1 Billion Loan for Pakistan on April 29
The International Monetary Fund (IMF) is set to discuss the approval of a $1.1 billion loan for Pakistan on April 29, according to Reuters.
This loan is part of Pakistan’s 9-month Stand-By Arrangement (SBA) which was approved by the IMF in July last year for an amount of $3 billion.
Previous Disbursements
Pakistan has already received two disbursements under the SBA, including $1.1 billion in July last year and $700 million in January this year, bringing the total disbursements to $1.9 billion.
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New Loan Program on the Cards
Finance Minister Muhammad Aurangzeb has announced that Pakistan is expecting to reach a Staff-Level Agreement on a bigger loan program with the IMF by June-July 2024.
The minister also unveiled his strategy to avoid any future IMF programs but only after obtaining a new large and longer 24th program.
Foreign Exchange Reserves
The minister also mentioned that the last loan tranche is expected to be disbursed next week, and the country is likely to secure more inflows in June, taking the foreign exchange reserves to the $10 billion level.
No Formal Request Yet
Despite contact between the IMF and Pakistan over a new program, the country has not made a formal request for a new program for now.
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