WASHINGTON (Rehan Khan):- The Spokesman of the International Monetary Fund (IMF) has said that the the formal approval of revival of the stalled loan program for Pakistan may take up more or less than thee to six weeks.
Addressing press conference in Washington, the Director Communication Gerry Rice said that the final decision on the IMF program for Pakistan will be made within the next 3-6 weeks or slightly more or less by the IMF’s Executive Board.
A staff-level agreement had been reached between the Fund and Govt of Pakistan which was announced yesterday. Gerry Rice revealed that the meeting of the IMF Executive Board was scheduled between the next three to six weeks. The meeting could be held earlier or slightly later than its scheduled time, he added.
The Board will give final approval for the releasing of tranche of $1.17 billion and revival of the stalled loan program from April 2022.
He said that with the revival of the program, $1.17 billion will be provided to Pakistan, taking the total disbursement to $4.2 billion. The director was of the view that the disbursement of the fund would stabilize the Pakistani economy and increase social safety to protect the weaker segments of the country. Structural reforms and the macroeconomic situation will also be stabilized through the revival of the program, he informed.