IMF Executive Board likely to greenlight $3bn agreement with Pakistan

F.P. Report

ISLAMABAD: The Executive Board of the IMF is scheduled to meet tomorrow, where a newly approved stand-by arrangement loan program of $3 billion with Pakistan is expected to be approved.

Officials of the Finance Ministry are optimistic that Pakistan may get $1.2 billion as the first tranche from the standby agreement.

However, the Fund has not yet included Pakistan’s name in the Executive Board calendar on its website.

Islamabad has assured the IMF of the financing gap of $8.2 billion, the officials said further.

They claimed that the IMF is satisfied with Pakistan’s proposed financing plan.

Apart from the IMF, the World Bank and the Asian Development Bank will also extend help to the country.

Moreover, financing will also be obtained from China, Saudi Arabia, and the UAE.

The officials said there is also a likelihood of receiving financing of $3.5 billion from China this year.

Additionally, financing worth $2 billion from Saudi Arabia and $1 billion from the UAE will also be obtained, they said confidently.

There is also a likelihood of receiving $500 million from the ADB, and another $500 million from the World Bank.