The International Monetary Fund’s (IMF) executive board is set to meet on Wednesday (today) to review the $3 billion stand-by agreement for Pakistan.
According to the IMF Executive Board calendar available on its website, the next meetings are scheduled for July 12, 13, 17, 19, and 20, 2023; however, Pakistan was not on the agenda till the filing of this report.
Pakistan anticipates that the board will also approve the first $1.1 billion tranche of the credit scheme. The board’s permission is necessary for the initial disbursement.
The IMF team reached a staff-level agreement with the Pakistani authorities on a nine-month SBA on June 29. This agreement is subject to approval by the IMF’s Executive Board.
Pakistan was not included in an earlier timetable published in June, which led to rumors that the IMF would not disburse cash under the former program, which was set to end on June 30. To help the nation’s financial crisis, the IMF and Pakistan came to a stand-by agreement on June 29.
Earlier, Pakistan also submitted a letter of intent to the IMF, assuring the lender that no new tax amnesty would be introduced in the next nine months.
