Pakistan receives ‘letter of intent’ from IMF for loan disbursement
Days after Pakistan reached a staff-level agreement with the International Monetary Fund (IMF), Islamabad received the letter of intent (LOI) — a document declaring the preliminary commitment of one party to do business with another — from the global lender.
The letter will be signed by Pakistan and sent back to the IMF. All that is left now is board’s approval to revive the IMF loan program for Pakistan.
On the other hand, in Pakistan, the rupee continues to stabilize against the US dollar, while the dollar has decreased by Rs3.60 to Rs205 today.
The IMF has to pay an installment of $1.17 billion to Pakistan, for which Pakistan has also fulfilled the pre-conditions of the International Monetary Fund (IMF).