IMF okays release of final $1.1bn SBA tranche

The Executive Board of the International Monetary Fund (IMF) on Monday approved the immediate disbursement of approximately $1.1 billion to Pakistan. The board met in Washington on Monday and completed the second review under the Stand-By Arrangement (SBA) for Pakistan, allowing for bringing total disbursements under the arrangement to about $3 billion. All board members favoured releasing the last installment except India, which abstained. “The completion of the second and final review ref­lects the authorities’ stron­ger policy efforts under the SBA, which have supported the stabilisation of the economy and the ret­urn of modest growth,” the IMF said in a statement. “To move Pakistan from stabilization to a strong and sustainable recovery the authorities need to continue their policy and reform efforts, including strict adherence to fiscal targets,” the statement added.