WASHINGTON, 20th March, 2024 (WAM/ Bloomberg) -- Pakistan secured initial approval from the International Monetary Fund (IMF) for the release of the final tranche from a US$3 billion bailout programme.
The staff-level agreement for the second review of the programme gives the nation access to a payout of about US$1.1 billion — subject to approval from the IMF’s executive board, the Washington-based lender said in a statement on Wednesday.
Prime Minister Shehbaz Sharif, who was sworn in this month, has directed authorities to fasttrack negotiations with the IMF.
About US$1 billion of dollar denominated bonds mature in April, with investors expecting the notes to be paid. IMF aid has been crucial in boosting sentiment for the nation’s dollar bonds, which handed investors a gain of more than 20 percent this year, the top performer in emerging markets after Ecuador.