IMF Includes Pakistan in Executive Board Agenda on Jan 11

IMF Includes Pakistan in Executive Board Agenda on Jan 11

Karachi, January 2, 2024 – The International Monetary Fund (IMF) has scheduled Pakistan on its Executive Board agenda for January 11, 2024, as indicated on its updated website.

This meeting is anticipated to be a crucial juncture where the board will deliberate and potentially grant final approval for the disbursement of the next $700 million tranche under the existing $3 billion Stand-By Arrangement (SBA).

The IMF Executive Board calendar outlines upcoming meetings on January 8, 10, and 11, with Pakistan’s case slated for discussion on the last day of this sequence.

As per financial terminal Tresmark, the ongoing IMF program, totaling $3 billion, is expected to conclude in the second week of April 2023, with approximately $1.8 billion yet to be disbursed. The initial tranche of $1.2 billion was released in July 2023.

In November 2023, a significant milestone was achieved as a Staff-Level Agreement was reached between the IMF staff and Pakistani authorities regarding the first review under Pakistan’s SBA. It’s important to note that this agreement is contingent upon approval by the IMF’s Executive Board. Despite initial expectations for board approval in December, the process has now been scheduled for January 11.

The Stand-By Arrangement between Pakistan and the IMF, initiated to provide financial assistance and support economic reforms, has been closely monitored for its impact on the country’s fiscal health. The $700 million tranche, subject to approval, will contribute to Pakistan’s efforts in managing its balance of payments and implementing crucial economic reforms outlined in the program.

This upcoming board meeting holds significance for Pakistan’s economic trajectory, and the approval of the tranche will offer a financial lifeline to the country, particularly as it continues to navigate challenges posed by external economic dynamics and internal reforms.

As the calendar turns to 2024, Pakistan remains engaged with international financial institutions, seeking support and cooperation to bolster its economic resilience and sustainability. Stakeholders, including policymakers and financial analysts, will keenly observe the outcome of the Executive Board meeting, anticipating positive developments that could positively influence the nation’s economic landscape.