The International Monetary Fund (IMF) Executive Board is scheduled to meet on Friday in Washington to approve $2.3 billion financial package for Pakistan, reported 24NewsHDTV Channel.
IMF Executive Board will review current loan program and Pakistan is likely to get second tranche of over $1 billion under loan program. With second tranche, loan amount for Pakistan will exceed $2 billion. The board meeting will also consider Pakistan’s request for climate financing program.
A new $1.3 billion climate financing program for Pakistan is expected to be approved.
The move follows Pakistan’s successful compliance with most of the IMF’s conditions, marking a crucial step towards securing the next tranche of $1 billion, alongside climate financing of $1.3 billion.
In a report released ahead of the IMF board meeting, the Ministry of Finance shared details of the federal government’s income and expenditure for the first nine months (July-March) of the ongoing fiscal year, indicating a mixed fiscal performance.
The government posted a primary surplus — which excludes interest payments — of Rs3,468 billion, surpassing the IMF’s target of Rs2,700 billion. This was primarily driven by tighter fiscal controls and a notable surplus from the provinces. The total fiscal deficit stood at Rs4,023 billion during the nine-month period. However, after accounting for a provincial surplus of Rs1,053 billion, the deficit was brought down to Rs2,970 billion.