Islamabad: In welcome sign, Executive Board of International Monetary Fund (IMF) has given its nod for initial economic assessment of Pakistan, paving way for release of next installment of $ 70 million to Pakistan, as confirmed by Ministry of Finance.

Approved amount is part of standby arrangement totaling $ 3 billion between Pakistan and IMF. Notably, Pakistan has already received $ 1.2 billion under this nine-month programme.

Latest approval signals continued financial partnership, with an additional $ 1.1 billion set to be disbursed upon completion of last economic review.

IMF programme has been crucial in helping Pakistan stabilise its economy after period of turmoil. Country’s foreign exchange reserves have increased significantly, inflation has come down and budget deficit has been reduced.

Pakistani government has pledged to continue implementing reforms under IMF programme including measures to improve tax collection, strengthen financial sector and reduce budget deficit. These reforms are essential for achieving sustainable economic growth and improving lives of all Pakistanis.

Published in The Daily National Courier, January, 12 2024

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