Prime Minister Shehbaz Sharif has called upon the nation to pray for the approval of Pakistan’s IMF program. Today, the IMF Executive Board is set to convene and discuss the potential approval of Pakistan’s loan agreement, which could provide the country with $1.2 billion in financial assistance.
Prime Minister Shehbaz Sharif has urged the people of Pakistan to offer their prayers for the successful approval of the IMF program, emphasizing the importance of today’s board meeting and expressing hope for a positive outcome.
Once the IMF Executive Board grants its approval, Pakistan is expected to receive the initial installment of the loan, amounting to $1.01 billion, within the next two to three days. The remaining $2 billion will be disbursed in three subsequent installments. The Standby Arrangement includes a second review scheduled for September, with negotiations for the third review planned for November 2023.