IMF confirms Pakistan on agenda of today’s executive board meeting
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The International Monetary Fund (IMF) has confirmed that Pakistan will be on the agenda of its today’s executive board meeting, reported 24NewsHD TV channel on Wednesday.
The meeting will formally approve a tranche of $1.1 billion under the $3 billion nine-month stand-by agreement reached between Pakistan and the IMF on June 30 last.
The issue of external financing has also been settled between Pakistan and the IMF, and the latter has accepted the $8.2 billion financing gap plan presented by Pakistan’s Ministry of Finance.
Financing will be obtained from the IMF, World Bank, Asian Development Bank, China, Saudi Arabia and the United Arab Emirates (UAE).
A $3.5 billion worth of financing will be arranged from China during the current financial year.
After getting $2 billion from Saudi Arabia, $1 billion worth of financing will be obtained from the UAE.
Besides, $500 million will be obtained each from the Asian Development Bank and the World Bank.