ISLAMABAD: July 12,2023: The Executive Board of the International Monetary Fund has approved a $3 billion loan for Pakistan.
IMF financial support will give Pakistan much-needed respite from a severe balance of payments crisis and dwindling foreign exchange reserves. will get
After the IMF approval, Finance Minister Ishaq Dar said, “Thank God, things are going in the right direction, for which we have been trying for many months and had difficult negotiations.”
Ishaq Dar said that ‘Prime Minister visited Saudi Arabia, United Arab Emirates and China some time ago where I was with him and we raised issues in all these countries’.
To a question, he said, “I am trying that by the end of the term of this government, probably by the end of July, the national reserves will be between 14 and 15 billion dollars,
The statement issued by the International Monetary Fund said that the Executive Board of the IMF has approved a standby agreement of 3 billion dollars for Pakistan for 9 months to support Pakistan’s economic stabilization program.
In this regard, it was said that this agreement has been arranged at a time when the Pakistani economy is going through difficult conditions, difficult external environment, disastrous floods and bad policies causing it large fiscal and external deficits, rising inflation. And facing problems like rapidly depleting foreign exchange reserves.
The agreement signed last month required the approval of the IMF’s Executive Board before the release of the first tranche and now the first tranche of $1.2 billion will be released to Pakistan, while the remaining two tranches will be released after two reviews on a quarterly basis. will be released.