IMF grants Pakistan $3 billion “overall” as part of latest SBA

WASHINGTON: The International Monetary Fund (IMF) Director of Communications Julie Kozek on Thursday revealed that the global financial organisation approved a grant of $3 billion “overall” for Pakistan under the latest standby agreement (SBA).

Speaking during to a press conference in Washington, the IMF director stated that on March 19, the financial organisation reached a staff-level agreement with the Pakistani officials.

Read more: Pakistan eyes new ‘larger and longer’ IMF programme by fiscal year end

Kozek went on to state that since the completion of the first review, Pakistan’s economic and financial situation has “improved”, particularly since “the country has already secured $1.9 billion” as par of the standby agreement previously.

Meanwhile, Kozek confirmed that the Executive Board Meeting between the IMF and Pakistan is slated to be held later this month.

Read more: Pakistan assures IMF of non-interference in currency fluctuations

Earlier, the IMF and Pakistan reached a staff-level agreement on the second review of the standby agreement on March 19.

Pending approval from the organisation’s Executive Board, the IMF then announced that the inflation-hit Pakistan would receive the final installment of $1.1 billion as part of the current $3 billion standby agreement.