IMF Approves Immediate Loan tranche of $1.1 Billion to Pakistan

ISLAMABAD – In a new development, the IMF has granted approval for the immediate disbursement of of $1.1 billion loan to Pakistan.

This decision from the International Monetary Fund (IMF) Executive Board was announced on Monday 29 April 2024.

This is due to the successful completion of the second and final review of Pakistan’s economic reform program supported by the IMF’s SBA division.

With this approval, the total disbursements under the SBA will nwo reach $3 billions total.

Moreover, the IMF board also listened to te country’s intention for another bailout package fore long-term economic stability.

PM Shehbaz Sharif’s remarks about the nation’s debt crisis stating that it is a “death trap” state the urgency for this financial support.

These comments were made during the closing ceremony of the World Economic Forum (WEF) in Riyadh, Saudi Arabia, where he also met with Kristalina Georgieva, the managing director of the IMF, to discuss the prospective bailout program.

Although Pakistan was not listed on the IMF’s April 29 calendar, notable figures such as Finance Secretary Imdad Ullah Bosal has played a key role in it.

Furthermore, SBP Governor Jameel Ahmad, and Prime Minister Shehbaz have played pivotal roles in securing this deal.