IMF gives green signal for $1.1bln loan to Pakistan

Islamabad: The International Monetary Fund (IMF) gave green signal for a $1.1 billion loan to Pakistan as the final installment of its $3 billion Stand-by Arrangement (SBA), the sources close to the development said on Monday.

Ministry of Finance insiders revealed that the IMF is set to release an official statement confirming the approval, with the loan expected to be disbursed later this week.

This development follows a meeting between Prime Minister Shehbaz Sharif and IMF Managing Director Kristalina Georgieva in Riyadh, where the possibility of Pakistan entering into another IMF program was discussed.

This funding marks the culmination of Pakistan's SBA with the IMF, which was secured last summer to prevent a sovereign default and is set to conclude this month.

The approval follows discussions at the IMF Executive Board meeting in Washington, where Pakistan's request for the release of funds was deliberated.

With this installment, Pakistan will have received a total of $1.9 billion under the agreement.