IMF team sets to assess Pakistan's $3bn SBA on November 2

MG News | October 25, 2023 at 12:39 PM GMT+05:00

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October 25, 2023 (MLN): The delegation of the International Monetary Fund (IMF) is set to visit Pakistan on November 02, 2023, to review the country's $3 billion standby arrangement (SBA), Esther Perez Ruiz, IMF's resident representative confirmed today.

Mr. Nathan Porter, the chief of IMF will lead the said delegation, she said.

To recall, in July this year, Pakistan secured a 9-month SBA with the IMF, valued at a substantial $3bn. This agreement came at a time when the cash-strapped nation was on the brink of default.

Right after this agreement, IMF immediately released $1.2bn to help shore up reserves.

It is important to mention that the upcoming review, if remains successful will pave the way for a $700 million installment.

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