WASHINGTON: The Executive Board of the IMF approved the second review under the Standby Arrangement (SBA) for Pakistan and approved the immediate release of $1.1 billion to Pakistan.
The IMF said in a statement that after this approval, the total payment of three billion dollars under the Standby Arrangement Program with Pakistan will be completed. The Standby Arrangement Program has been completed, with the completion of the second and final review reflecting the strong policy efforts of the Pakistani authorities, which have helped stabilize the economy and return to modest growth.
The statement said that the authorities need to continue their policy and reform efforts to move Pakistan from stability to a strong and sustainable recovery.
The IMF added that Pakistani authorities must adhere strictly to fiscal targets while providing relief to the weak and disadvantaged, along with a market-based exchange rate to absorb external shocks and stronger and more inclusive growth. Hard reforms must be expanded to support
