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Tuesday May 28, 2024

IMF executive board to discuss approval of $1.1bn funding for Pakistan on 29th

Executive board of International Monetary Fund will meet on April 29 to discuss the approval of $1.1 billion funding for Pakistan, the fund said

By Agencies
April 25, 2024
The seal for the International Monetary Fund is seen in Washington, DC. — AFP/File
The seal for the International Monetary Fund is seen in Washington, DC. — AFP/File

KARACHI: The executive board of the International Monetary Fund (IMF) will meet on April 29 to discuss the approval of $1.1 billion funding for Pakistan, the fund said on Wednesday.

The funding is the second and last tranche of a $3 billion Stand-By Arrangement (SBA) with the IMF, which it secured last summer to avert a sovereign default and which runs out this month.

The South Asian nation is seeking a new long-term, larger IMF loan, Pakistan’s Finance Minister, Muhammad Aurangzeb has said.