Islamabad: The International Monetary Fund (IMF) has approved the release of the final installment of $1.1 billion for Pakistan’s loan program.
The IMF granted the final installment approval under the Standby Arrangement. Under a $3 billion loan program, Pakistan had already received $1.9 billion, and now the IMF Executive Board meeting in Washington approved the immediate disbursement of the remaining $1.1 billion loan to Pakistan, marking the conclusion of its current Stand-By Arrangement (SBA). The meeting also acknowledged improvements in the Pakistani economy by the IMF Executive Board.
The decision followed discussions between Prime Minister Shehbaz Sharif and IMF Managing Director Kristalina Georgieva, underscoring the urgency of Pakistan’s economic situation.
The approval arrives amid continuing challenges for Pakistan, including severe inflation and economic slowdown prompted by stringent fiscal measures under the IMF’s guidance. Despite stabilizing the economy to some extent, the SBA has introduced substantial financial burdens on the populace, particularly through increased taxes and escalated utility prices.
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