ISLAMABAD: The International Monetary Fund has convened a meeting of the Executive Board of the IMF on July 12 to approve the agreement under the Standby Arrangement for Pakistan.
In the meeting, the standby arrangement program and the first installment of one billion ten million dollars will be approved.
According to IMF officials, the first installment of the loan will be released to Pakistan after the approval of the Executive Board. IMF officials say that the size of the first tranche given to Pakistan will be one billion ten million dollars.
According to the IMF statement, the agreement will reduce Pakistan’s external payments pressure, which will improve funding for the social sector while increasing Pakistan’s tax revenue.
According to the declaration, increased tax revenue will increase funding for public development, the agreement will lead to fiscal discipline in Pakistan, which will ensure energy reforms while the exchange rate will be market-based.
It should be noted that on June 30, a staff level agreement has been reached between Pakistan and the IMF. This is a stand-by arrangement agreement worth three billion dollars. Finance Minister Ishaq Dar has already confirmed that the IMF Board meeting will be convened on July 12.
