$70m tranche: Pakistan submits ‘Letter of Intent’ to IMF for approval I

Expressing Pakistan's unwavering commitment to meeting all predetermined conditions for the second tranche, the letter highlights the country's dedication to securing IMF approval for the crucial financial support. SLAMABAD: (UrduPoint/UrduPoint / Pakistan Point News Jan 2 , 2024) Finance Minister Dr.

Shamshad Akhtar and the State have collaboratively issued a Letter of Intent to the International Monetary Fund ( ), formally requesting approval for the disbursement of the second tranche, amounting to $70 . Expressing 's unwavering commitment to meeting predetermined conditions for the second tranche, the letter highlights the country's dedication to securing approval for the crucial financial support.

Acknowledging receipt of 's request, the Executive of the is now poised to undertake a thorough review. Subject to the successful completion of this review, the disbursement of the second tranche under the Stand By Program is for 11, 2024. The approval process is anticipated to culminate during a session convened in D.C.

on the .An official source has confirmed that the signed Letter of Intent, delineating 's request for the $70 disbursement, will be presented to the Board of Directors. The Board is slated to deliberate on this request during an upcoming meeting. Recognizing the holiday season in the , with and New Year celebrations, the Board has efficiently scheduled a meeting on 11, 2024.

The authorities have reaffirmed their resolve to adopt a market based rate for the . This strategic move is aimed at attaining the program's objectives and bolstering financial stability in the country..