Pakistan waiting for loan approval from IMF board

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WASHINGTON: The executive board of the International Monetary Fund (IMF) is likely to approve a $7.6 billion package for Pakistan today.

If the board approved the loan in its meeting, Pakistan will reportedly receive between $3.5 billion and $4 billion initially, while the rest will be distributed in six equal installments.

The board members will review the loan request by Pakistan under standby arrangements.

The official signing ceremony of the loan agreement between Pakistan and the IMF is also likely to take place today soon after the board meeting if it decided the issue, after which the first installment will be released.

The money is likely to be transferred to the State Bank of Pakistan's account in the US Federal Reserve in New York. The disbursement takes 48 to 72 hours, which means that Pakistan will have the money by Thursday.


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