Pakistan to receive $3bn from World Bank, other lenders

MG News | November 16, 2023 at 11:27 PM GMT+05:00

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November 16, 2023 (MLN): Pakistan is set to receive $2 billion from the World Bank, and a cumulative $1bn from the Asian Development Bank (ADB), Islamic Development Bank (IDB), and Asian Infrastructure Investment Bank (AIB), caretaker finance minister Dr Shamshad Akhtar stated while addressing the media on Thursday.

To note, Pakistan got initial approval from the International Monetary Fund (IMF) yesterday for the release of the next loan tranche under the current $3bn loan program.

Pending approval by the IMF's Executive Board, the agreement will grant Pakistan access to SDR 528m, which is around $700m.

This is expected to serve as a catalyst for subsequent contributions from other global lenders.

Dr Shamshad Akhtar stated that despite challenges, the Pakistani economy has displayed signs of improvement, and the government is actively working to further enhance economic conditions. She emphasized the importance of remaining in the IMF program.

Accordingly, the government's top priority is to successfully complete the $3bn program, she said.

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