The International Monetary Funds (IMF) Executive Board meeting is expected to take place on Wednesday (12 June 2023). The agenda of the meetings is to review the $3 billion stand-by agreement and release the $1.1 billion tranche to Pakistan.
After multiple challenges and economic challenges, Pakistan secured the IMF stand-by agreement (SBA) and avoided default. SBA bail-out package offered emergency relief to the foreign exchange reserves of Pakistan as the Extended Fund Facility (EFF) expired on June 30. After the expiration EFF’s 9th, 10th and 11th review got pending. The staff-level agreement on the SBA awaits approval by the IMF Executive Board meeting.
The economic team of Pakistan Peoples Party (PPP) and Pakistan Tehreek-I-Insaf (PTI) had meetings with the officials of IMF. The global money lender sought assurance on the bailout deal. During the meeting, Naveed Qamar and Saleem Mandiwala represented PPP.
The stand-by agreement has opened doors of financial help for Pakistan as Saudi Arabia deposited $2 billion in the account of the State Bank of Pakistan.
