Pakistan to receive $1.1bn from IMF this month: PM

MG News | April 04, 2024 at 01:54 PM GMT+05:00

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April 04, 2024 (MLN): Pakistan will receive the final loan tranche worth around $1.1 billion from the International Monetary Fund this month, says Prime Minister Shehbaz Sharif.

Shahbaz Sharif further stated that the Finance Minister, Muhammad Aurangzeb will also hold meetings with the IMF officials to discuss the terms of a new program, which is expected to carry tough conditions.

The government on various occasions has highlighted the significance of a new program to achieve stability by focusing on fostering growth, creating job opportunities and addressing the issue of inflation.

To recall, the country averted a sovereign default by entering into a Staff Level Agreement (SLA) worth $3 billion with the IMF back in June 2023.

The country secured a staff-level agreement on the second and final review under Pakistan’s Stand-By Arrangement on March 20, 2024.

The said amount will help bolster the foreign exchange reserves of Pakistan. At present, the country's FX reserves stand at $8.02bn.

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