IMF Approves Pakistan’s Access To $1.32 Billion Financial Package

On Friday, the International Monetary Fund (IMF) said its board had approved reviews of some agreements with Pakistan, allowing the country to immediately access around $1.32 billion in new funding.

The IMF said Pakistan would be able to draw around $1.1 billion under the Extended Fund Facility and about $220 million under the Resilience and Sustainability Facility, lifting total disbursements under the two ongoing programmes to about $4.8 billion.

Earlier on Friday, Reuters reported, citing sources, that the IMF‘s executive board voted to approve an agreement it previously reached with Pakistan.

The country is on a $7 billion IMF program and reached a staff-level agreement in March.

“Amid a more challenging and highly uncertain external environment since the onset of the war in the Middle East, Pakistan needs to maintain strong macroeconomic policies while accelerating reform efforts,” the IMF said in a statement.

In April, Pakistan‘s central bank raised its key policy rate by 100 basis points to 11.5%, marking its first hike in almost three years.

“The State Bank of Pakistan has acted proactively to maintain an appropriately tight monetary policy stance,” the IMF added.

(Inputs from Reuters)

Also Read: Trump Announces 3-Day Ukraine-Russia Ceasefire, Says War Nearing Its End