In a significant development, the International Monetary Fund (IMF) has given its approval for a $3 billion loan to Pakistan. The staff-level agreement, which was signed last month, paved the way for this decision. Finance Minister Ishaq Dar confirmed that $1.2 billion has already been transferred to the State Bank of Pakistan, with the remaining $1.8 billion set to be released in two installments following subsequent reviews.
Furthermore, Pakistan’s foreign reserves witnessed a substantial increase of $4.2 billion in just four days. This boost can be attributed to a $2 billion deposit from Saudi Arabia and an additional $1 billion received from the United Arab Emirates (UAE).
Expressing optimism, the finance minister emphasized that Pakistan is now on a path of development and prosperity. He acknowledged the pivotal role played by Prime Minister Shehbaz Sharif in reaching the agreement with the IMF and highlighted the unwavering support of the economic team throughout the complex process.
In order to sustain the progress, the finance minister stressed the importance of collective efforts, emphasizing that everyone must contribute to the ongoing journey of development in the country.
