The International Monetary Fund (IMF) Executive Board will meet to discuss the $3 billion stand-by agreement with Pakistan and the disbursement of the first tranche of $1.1 billion under the loan programme.
IMF scheduled Pakistan’s bailout deal today: The South Asian economy received a long-needed reprieve on Friday when Pakistan successfully negotiated a $3 billion stand-by arrangement (SBA) with the International Monetary Fund.
The IMF Executive Board must approve the staff-level agreement on the SBA. The SBA, designed as a bailout package, aims to provide immediate assistance and boost Pakistan’s foreign exchange reserves.
The ninth, tenth, and eleventh evaluations were still outstanding when the previous Extended Fund Facility expired on June 30.
The Pakistan People’s Party (PPP) and PTI’s economic teams recently met with IMF representatives, who sought assurances of their support for “key objectives” under the new $3 billion Standby Agreement with Pakistan.
To get confirmation on the bailout agreement, IMF representatives met with Naveed Qamar and Saleem Mandiwala, the PPP economic team.
During the meeting, the international lender and the government of Pakistan discussed the $3 billion Standby Agreement that they had negotiated.
The Pakistan Tehreek-e-Insaf (PTI) leadership also praised the $3 billion standby agreement (SBA) between the International Monetary Fund (IMF) and the Pakistani government in office, which aimed to maintain macroeconomic stability before the general elections.