IMF board to meet on January 11 to discuss Pakistan’s loan program

MG News | December 08, 2023 at 09:53 AM GMT+05:00

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December 08, 2023 (MLN): The International Monetary Fund’s executive board will meet on January 11, 2024 to consider final approval to disburse the next $700 million tranche from its current loan program, according to a spokeswoman, as reported by Bloomberg.

Last month, Pakistan secured initial approval from the IMF for the release of the next loan tranche under the current $3 billion loan program, and the board typically approves such deals, Bloomberg added.

The South Asian nation, which is grappling with Asia’s fastest inflation, has about $1 billion in dollar-denominated debt due next year and is scheduled to hold elections scheduled in February.

Interim Finance Minister Shamshad Akhtar said after the staff-level deal in November that the country may seek an additional loan from the IMF, describing the economy as “still fragile.”

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