ISLAMABAD: The International Monetary Fund’s Executive Board is scheduled to consider the 9-month stand-by arrangement (SBA) of $3 billion for Pakistan on Wednesday (July 12).

According to the IMF Executive Board calendar available on its website, the next meetings are scheduled for July 12, 13, 17, 19, and 20, 2023; however, Pakistan was not on the agenda till the filing of this report.

Sources, however, told Business Recorder that the Board is scheduled to take Pakistan’s case on the agenda on Wednesday.

Pakistan, IMF reach staff-level agreement on new $3bn stand-by arrangement

The IMF team reached a staff-level agreement with the Pakistani authorities on a nine-month SBA on June 29. This agreement is subject to approval by the IMF’s Executive Board.

Official sources in the Finance Ministry revealed to Business Recorder that there are high chances that the IMF Executive Board would approve the new programme for Pakistan. After the approval of the IMF board, Pakistan will get the installment of $1.1 billion.

The IMF, according to media reports, has reportedly accepted $8.2 billion financing gap plan presented by the Ministry of Finance.

Business Recorder asked Esther Perez Ruiz, IMF Resident Representative in Pakistan, for confirmation of the financing gap plan, however, no response was received till the filing of this report.

Copyright Business Recorder, 2023