Expressing Pakistan's unwavering commitment to meeting all predetermined conditions for the second tranche, the letter highlights the country's dedication to securing IMF approval for the crucial financial support.
SLAMABAD: (UrduPoint/Pakistan Point News-Jan 2nd, 2024) Finance Minister Dr. Shamshad Akhtar and the State Bank have collaboratively issued a Letter of Intent to the International Monetary Fund (IMF), formally requesting approval for the disbursement of the second tranche, amounting to $70 million.
Expressing Pakistan's unwavering commitment to meeting all predetermined conditions for the second tranche, the letter highlights the country's dedication to securing IMF approval for the crucial financial support.
Acknowledging receipt of Pakistan's request, the Executive board of the IMF is now poised to undertake a thorough review. Subject to the successful completion of this review, the disbursement of the second tranche under the Stand-By Program is scheduled for January 11, 2024. The approval process is anticipated to culminate during a session convened in Washington D.C. on the same date.An official source has confirmed that the signed Letter of Intent, delineating Pakistan's request for the $70 million disbursement, will be presented to the IMF Board of Directors. The Board is slated to deliberate on this request during an upcoming meeting.
Recognizing the holiday season in the United States, with Christmas and New Year celebrations, the IMF Board has efficiently scheduled a meeting on January 11, 2024.
The Pakistani authorities have reaffirmed their resolve to adopt a market-based exchange rate for the Dollar. This strategic move is aimed at attaining the program's objectives and bolstering financial stability in the country.
