Board meeting on Jan 11: IMF to consider Pakistan’s request for release of $700m tranche

ISLAMABAD: Caretaker Minister for Finance Dr Shamshad Akhtar and State Bank of Pakistan (SBP) Governor Jameel Jameel Ahmed have dully signed a Letter of Intent (LoI) and committed with the IMF to implement all agreed conditions to get the approval of the second tranche worth $700 million.

Now the IMF has confirmed that its Executive Board is scheduled to consider Pakistan’s request for the completion of the first review and release of the second tranche worth $700 million under the Standby Arrangement (SBA) programme on January 11, 2024, in its meeting going to be held in Washington DC.

Pakistani authorities re-affirmed their commitment that market-based exchange rate mechanism would be pursued and the government would make all-out efforts to ensure fiscal consolidation in order to achieve the programme objectives.

“Yes, Pakistani authorities have signed LoI and dispatched to the Fund’s headquarters. Now the signed LoI have been shared with Board of Directors (BoD) of the IMF and they will consider Pakistan’s request to grant their assent for release of second tranche worth $700 million within the next few days after the Board’s meeting,” top official sources confirmed while talking to The News here on Monday.

There were Christmas and New Year holidays in USA and soon after the IMF’s board calendar issued according to which the Fund’s Board was scheduled to meet on January 11 for taking up Pakistan’s request for release of second tranche under SBA programme.