Pakistan assures IMF to comply with for conditions $700 mln tranche

Islamabad: The caretaker Finance Minister Dr. Shamshad Akhtar and Governor State Bank of Pakistan (SBP) have issued a letter of intent to the International Monetary Fund (IMF) and expressed their determination to implement all the stipulated conditions in order to get the approval of the second tranche of $70 million.

According to the details, now IMF has confirmed in its executive board meeting that it will complete the first review on Pakistan's request and the second tranche of $700 million under the standby program can be released on January 11, 2024, for which there will be a meeting in Washington DC on January 11, 2024.

Pakistani officials have also reiterated their commitment to a market-based exchange rate for the US dollar and have assured that the government will achieve the program's objectives to ensure fiscal stability.

According to the media reports, the Pakistani authorities will share the signed letter of intent with the IMF's board of directors, which will consider issuing a $700 million request from Pakistan.

Christmas and New Year holidays were being observed in the United States, therefore the IMF board has released the schedule immediately after the end that it will consider Pakistan's request on January 11 in the board meeting.