Caretaker Federal Minister for Finance, Dr. Shamshad Akhtar, announced on Thursday that Pakistan is poised to receive financial assistance from various multilateral development banks following the approval of the first review of the Stand-By Arrangement (SBA) by the International Monetary Fund (IMF) Executive Board.
In an interview with a private television channel, Dr. Akhtar disclosed that the approval of the SBA would not only secure $700 million from the IMF but would also pave the way for additional financial assistance from other multilateral financial institutions.
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The minister elaborated on her recent comprehensive review of loans from the World Bank, Asian Development Bank (ADB), and Asian Infrastructure Investment Bank (AIIB). She explained that the SBA agreement is scheduled to be presented to the IMF Executive Board for approval next month. Once approved, it is expected to unlock approximately $1.5 billion under quick disbursing programs of various multilateral institutions. These disbursements are contingent on the successful implementation of a series of reforms undertaken by the government.
Dr. Akhtar highlighted some of the measures taken by the government to meet the conditions of the SBA, including the withdrawal of import bans to stimulate the investment environment, the easing of import licensing, and efforts to stabilize the exchange rate. These steps demonstrate the government’s commitment to implementing reforms that contribute to the country’s economic stability and growth.
