The executive board of the International Monetary Fund (IMF) will meet on Jan. 11 to consider the final approval to hand out to Pakistan the next $700 million tranche of its loan program.
Last month, the IMF said it had reached a staff-level agreement with Pakistan on the first review of a $3 billion bailout, which will unlock $700 million in funding for the country.
The funds to be issued are a second tranche of the bailout, which is subject to an approval from the IMF’s executive board.
“We can confirm that the Board meeting for Pakistan will take place on January 11,” the IMF said in an emailed statement.
Pakistan has been facing an acute balance of payment crisis, with its foreign exchange reserves diminished, along with historically high inflation and an unprecedented currency devaluation.
Bloomberg News first reported on the IMF meeting.
