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The International Monetary Fund (IMF) on Wednesday approved $3 billion stand-by arrangement (SBA) for Pakistan, which was finalised last month.

The IMF’s executive board met and okayed the $3 billion for the cash-strapped Pakistan.

"The Executive Board of the International Monetary Fund (IMF) approved a 9-month Stand-By Arrangement (SBA) for Pakistan for an amount of SDR2,250 million (about $3 billion, or 111 percent of quota) to support the authorities’ economic stabilization program," the IMF said in a statement.

Although Pakistan wasn’t originally among the subjects listed on the IMF’s website, the external financing issue has been resolved after Islamabad received $2bn deposit from Saudi Arabia and $1bn deposit from UAE.

With Pakistan managing to meet one of the key conditions, the finance ministry says the world’s top lender has now accepted the plan that covers the $8.2bn gap.

Earlier, Finance Minister Ishaq Dar said that Pakistan received $1bn from UAE. Addressing the presser, Dar said this deposit would improve the SBP’s forex reserves, adding that he was thankful to the UAE’s government on behalf of Prime Minister Shehbaz Sharif and Chief of Army Staff Gen Asim Munir. “Pakistan will restore its image in the world,” he vowed.

The IMF team reached a staff-level agreement with the Pakistani authorities on a nine-month SBA on June 29.

Prime Minister Shehbaz Sharif took to Twitter and said that the IMF loan programme was a major step towards stabilising the economy.

“The approval of Stand-by Agreement of $3 billion by the IMF's Executive Board a little while ago is a major step forward in the government's efforts to stabilise the economy and achieve macroeconomic stability. It bolsters Pakistan's economic position to overcome immediate- to medium-term economic challenges, giving next government the fiscal space to chart the way forward,” said the prime minister.

Shehbaz Sharif lauded the efforts of Finance Minister Ishaq Dar and IMF MD for their support and cooperation.

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