The executive board of the International Monetary Fund has approved a new $7 billion loan for Pakistan, a move aimed at providing financial assistance to the cash-strapped nation. The loan, which will be disbursed in installments over a period of 37 months, is intended to help bolster Pakistan's struggling economy.
Prime Minister Shehbaz Sharif expressed his gratitude for the approval of the loan, which follows months of negotiations between Pakistani officials and the IMF. The Prime Minister specifically thanked Kristalina Georgieva, the head of the IMF, and her team for their support in securing the loan.
Pakistan is anticipating the first installment of the loan to be received in the near future, although the exact date of disbursement has not been confirmed. This development comes after the IMF and Pakistan reached a staff-level agreement for the loan more than two months ago.
The approval of the loan by the IMF's executive board signifies that Pakistan has met all the conditions set forth by the global lender. This financial assistance is crucial for Pakistan, which has a history of relying on IMF loans to address its economic challenges.
In his statement, Prime Minister Sharif also acknowledged the support of China and other friendly nations in facilitating Pakistan's agreement with the IMF. The loan from the IMF is expected to provide much-needed relief to Pakistan's economy and support its efforts to address financial instability and promote economic growth.
