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Pakistan likely to receive $1.5bn from global lenders after IMF’s approval

Pakistan likely to receive $1.5bn from global lenders after IMF's approval
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November 24, 2023 (MLN): Pakistan is likely to receive funds worth $1.5 billion from global lenders upon the International Monetary Fund's (IMF) approval of the loan tranche under the $3 billion Stand-By Arrangement (SBA), the caretaker finance minister, Dr Shamshad Akhtar stated during an interview with a local news channel.

To note, the country obtained preliminary approval from the IMF on November 15, 2023, for the disbursement of the upcoming loan tranche within the loan program.

Upon approval, Pakistan will have access to SDR 528 million, which is around $700m.

This will bring the total disbursements under the program to almost $1.9bn.

The agreement supports the authorities’ commitment to advance the planned fiscal consolidation, accelerate cost-reducing reforms in the energy sector, complete the return to a market-determined exchange rate, and pursue state-owned enterprise and governance reforms to attract investment and support job creation while continuing to strengthen social assistance.

Nathan Porter stated, "Anchored by the stabilization policies under the SBA, a nascent recovery is underway, buoyed by international partners’ support and signs of improved confidence."

The steadfast execution of the FY24 budget, continued adjustment of energy prices, and renewed flows into the foreign exchange (FX) market have lessened fiscal and external pressures, he added.

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Posted on: 2023-11-24T12:42:01+05:00