IMF Board Approves $3 Billion Stand-by Arrangement for Pakistan
The International Monetary Fund (IMF) Executive Board has approved a Stand-By Arrangement (SBA) for Pakistan for a period of nine months in the sum of SDR2,250 million (about $3 billion, or 111 percent of quota), in order to assist the government’s economic stabilisation programme.
The agreement is made at a difficult time for Pakistan’s economy. In its statement, the IMF noted that in FY23, significant fiscal and external deficits, rising inflation, and the depletion of reserve buffers were the results of a challenging external environment, severe floods, and poor policy decisions.
Read More: Pakistan and the IMF Sign a USD 3 billion Stand-by Arrangement
A framework for financial assistance from multilateral and bilateral partners as well as a policy anchor for addressing internal and external imbalances will be provided by Pakistan’s new SBA-supported programme, it was said.
The programme will concentrate on four main areas, according to the statement: (1) implementation of the FY24 budget to help Pakistan with its necessary fiscal adjustment and ensure debt sustainability, while protecting crucial social spending; (2) a return to a market-determined exchange rate and proper FX market functioning to absorb external shocks and end FX shortages; (3) an appropriately tight monetary policy intended to combat inflation; and (4) further progress on structural reforms, in particular with regard to land reform.
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With the Executive Board’s agreement, SDR 894.1 million (or around $1.2 billion) may be disbursed right away. According to the announcement, the remaining sum would be phased in throughout the course of the programme, subject to two quarterly evaluations.
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