IMF approves $700m immediate disbursement to Pakistan following successful economic reform review

MG News | January 11, 2024 at 10:10 PM GMT+05:00

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January 11, 2024 (MLN): In a noteworthy development, the Executive Board of the International Monetary Fund (IMF) has successfully concluded the first review of Pakistan's economic reform program today, which is backed by the IMF's Stand By Arrangement (SBA).

This approval paves the way for an immediate disbursement of SDR 528 million, equivalent to around $700m, bringing the total disbursements under the SBA to a substantial $ 1.9 billion.

The said amount will help bolster the foreign exchange reserves of Pakistan. At present, the total foreign exchange reserves stood at $13.26bn during the week ended on January 05, 2024, according to the data released by the central bank today.

The decision came as a result of the caretaker federal government’s commitment to implementing crucial economic reforms, as outlined in its agreement with the IMF.

The comprehensive reform agenda aims to address structural imbalances, boost economic growth, and create a more resilient and sustainable economy.

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