Islamabad (Web Desk): The International Monetary Fund (IMF) on Wednesday approved $3 billion a 9-month Stand-By Arrangement (SBA) for Pakistan.
“Today, the Executive Board of the International Monetary Fund (IMF) approved a 9-month Stand-By Arrangement (SBA) for Pakistan for an amount of SDR2,250 million (about $3 billion, or 111 percent of quota) to support the authorities’ economic stabilization program,” the IMF said in a statement.
Islamabad signed a short-term IMF deal on June 30 under which the country will receive $3 billion over nine months, subject to approval by the IMF's board.
The Executive Board’s approval allows for an immediate disbursement of SDR894 million (or about US$1.2 billion), the IMF statement read.
The remaining amount will be phased over the programme's duration, subject to two quarterly reviews, it added. The global lender said the SBA was signed at a “challenging economic juncture for Pakistan”.
