ISLAMABAD: Pakistan has received the next tranche of its loan from the International Monetary Fund (IMF), amounting to $1.023 billion, which has been transferred to the account of the State Bank of Pakistan (SBP).
According to reports, the total amount received by Pakistan under the current IMF loan program has now exceeded $2 billion. The IMF had approved a $7 billion loan program for Pakistan last year to support economic reforms and stability.
On May 9, the IMF’s Executive Board approved a $2.4 billion package for Pakistan. As per the official statement released after the board meeting: $1 billion has been disbursed immediately. Around $1.4 billion will be provided under a new climate financing program.
The IMF commended the Pakistani authorities for their strong implementation of the reform program. The statement also noted improvements in financing and external conditions, and said that the country’s economic recovery is progressing.
This development is seen as a positive sign for Pakistan’s economy, which has been grappling with external debt pressures, inflation, and foreign exchange challenges.
Comments are closed.