In a welcome sign, the Executive Board of the International Monetary Fund (IMF) has given its nod for the initial economic assessment of Pakistan, paving the way for the release of the next installment of $700 million to Pakistan, as confirmed by the Ministry of Finance.
The approved amount is part of the standby arrangement totaling $3 billion between Pakistan and the IMF. Notably, Pakistan has already received $1.2 billion under this nine-month program.
The latest approval signals a continued financial partnership, with an additional $1.1 billion set to be disbursed upon the completion of the last economic review.
The IMF program has been crucial in helping Pakistan stabilize its economy after a period of turmoil. The country's foreign exchange reserves have increased significantly, inflation has come down, and the budget deficit has been reduced.
The Pakistani government has pledged to continue implementing reforms under the IMF program, including measures to improve tax collection, strengthen the financial sector, and reduce the budget deficit. These reforms are essential for achieving sustainable economic growth and improving the lives of all Pakistanis.
