ISLAMABAD: The International Monetary Fund (IMF) has transferred $1.2 billion to Pakistan, the State Bank of Pakistan (SBP) announced.
According to the SBP statement, the funds represent a loan tranche under Pakistan’s ongoing IMF program. Additionally, $200 million has been released to support climate change initiatives in the country.
Under the IMF’s $7 billion Extended Fund Facility, Pakistan was approved to receive $1 billion, while a further $200 million was allocated under the Resilience and Sustainability Facility.
These funds aim to strengthen Pakistan’s economic stability and support efforts to address climate-related challenges.
Earlier,, Pakistan had agreed with the International Monetary Fund (IMF) on changes in tax policy, budgeting, and public finance management for the upcoming budget.
Sources said that a technical report on the budget proposals for the upcoming fiscal year will be submitted to the Finance Ministry in January. The IMF technical delegation returned with suggestions for significant changes in the budget.
According to sources, the Ministry of Finance will prepare final proposals for changes in budget implementation to the IMF by next month. 15 proposals for changes in the budget implementation process were under consideration with the IMF technical delegation.
