ISLAMABAD: In a relief to cash-strapped Pakistan, the IMF on Wednesday gave a final nod to a much-awaited $3 billion bailout programme for the country to support the government’s efforts to stabilise the ailing economy. The development came two weeks after the two sides reached a staff-level agreement over the “stand-by arrangement”.
“The executive board of the IMF approved a 9-month Stand-By Arrangement (SBA) for Pakistan for an amount of $3 billion to support the authorities’ economic stabilisation programme,” the global lender said in a statement. The Dawn newspaper reported that the approval allows for an immediate disbursement of $1.2 billion. “The remaining amount will be phased over the programme’s duration, subject to two quarterly reviews,” it added. pti
“The executive board of the IMF approved a 9-month Stand-By Arrangement (SBA) for Pakistan for an amount of $3 billion to support the authorities’ economic stabilisation programme,” the global lender said in a statement. The Dawn newspaper reported that the approval allows for an immediate disbursement of $1.2 billion. “The remaining amount will be phased over the programme’s duration, subject to two quarterly reviews,” it added. pti