IMF to disburse $1.17bn to Pakistan in three to six weeks

The International Monetary Fund (IMF) has said that it would disburse $1.17 billion to Pakistan in three to six weeks.

“It’s an agreement on a combined seventh and eighth review of the programme… that will translate into about $1.17 million being disbursed to Pakistan. Pretty much, straight away,” IMF’s Communication Director Gerry Rice said at a Thursday afternoon news briefing in Washington.

He said this brought the total disbursements from the IMF to Pakistan under the ongoing program to about $4.2 billion. Answering a question about the timeframe for releasing the tranche, the IMF official said the executive board is likely to meet anywhere between three to six weeks from now.

The IMF and Pakistan reached a staff-level agreement on Wednesday that they hoped would stabilise the country’s economy and depreciating currency. The IMF also hoped that it would bring down high inflation and end Pakistan’s political instability.