For the release of $3 billion loan by the International Monetary Fund through the Stand-By Arrangement (SBA), Pakistan is awaiting for the IMF Executive Board meeting going to be held in a couple of days but there is no mention of Pakistan in the scheduled meeting of the Fund on its website, reported 24NewsHD TV channel on Monday.
According to the IMF officials, the Executive Board meeting will be held on July 12. The Ministry of Finance has already sent the $8 billion financing plan from the friendly countries to the IMF as per the Fund’s requirement.
Sources in the Finance Ministry said that the government is expected to get $3.5 billion from China.
It is likely to get $2 billion loan from Saudi Arabia, $1 billion from the UAE, $500 million each from the Asian Development Bank and the World Bank.
Besides this, Pakistan will also receive $350 million pledged during the Geneva Conference.
The IMF will hold three reviews in nine months for the release of $3 billion Stand-By-Arrangement.
According to the agreement, the IMF will give $1 billion to the PDM government and $1 billion to the interim government, sources said adding that the remaining $1 billion would be given to the next government formed after the elections.
After the approval of the SBA by the IMF Executive Board, the first instalment of $1 billion will be received by the government in next 3-4 days.
Reporter Waqas Azeem