The International Monetary Fund (IMF) will hold an executive board meeting on August 29 to approve a rescue package for Pakistan, including a payout of around $1.18b, before the end of the current month.
The decision comes after the conclusion of $4b in bilateral finance from four friendly nations, paving the path for an immediate payout, which is likely to be in Pakistan’s account by the end of business hours on August 31. According to finance Ministerthe lender had received a letter of intent (LOI) early Friday for the reactivation of the programme under the staff level agreement (SLA) and memorandum of economic and fiscal policies (MEFP) inked last month.
“We are working over the LOI, would sign and return it to the IMF as soon as possible, and look forward to the board meeting later this month for approval,” he added.
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