Kozack announced that an Executive Board Meeting focusing on Pakistan is scheduled to take place by the end of April.
ISLAMABAD: (UrduPoint/Pakistan Point News-April 5th, 2024) Pakistan is ready to receive a substantial sum of $3 billion as part of the standby arrangement from the International Monetary Fund (IMF), as revealed by Julie Kozack, Director of Communications at the IMF.
Kozack announced that an Executive board Meeting focusing on Pakistan is scheduled to take place by the end of April.
During a press briefing held in Washington, Kozack highlighted the progress made in Pakistan's economic situation, stating, "Pakistan and the IMF reached a staff-level agreement on March 19. The economic conditions in Pakistan have shown improvement." She further elaborated that Pakistan has already secured $1.9 billion out of the total $3 billion allocated under the standby arrangement.
The recent agreement between Pakistan and the IMF marks the final review of a $3 billion bailout package. This agreement was reached subsequent to the week-long visit of the IMF team to Islamabad, which concluded on March 19. The IMF representative underscored the new government's commitment to upholding the policy measures initiated under the current Stand-By Arrangement, with the objective of reinforcing economic and financial stability throughout the remainder of the year.
In June of the preceding year, the IMF approved a crucial nine-month arrangement with Pakistan aimed at bolstering its economic stabilization program.
The IMF praised Pakistan's central bank and the outgoing caretaker government for their effective implementation of the program and expressed optimism regarding the new government's dedication to continuing efforts toward economic stabilization.
