President Ruto called for a boost in World Bank funding, urging members to increase International Development Association (IDA) contributions from $93 billion to at least $120 billion. Kenya owed IDA $11.7 billion as of December '23. Meanwhile, the IMF approved a $1.1 billion tranche for Pakistan, with PM Sharif stating it would aid economic stability. The tranche is the final installment of a $3 billion standby arrangement, crucial for Pakistan to avoid a sovereign default. PM Shehbaz expressed relief over the IMF disbursement, emphasizing its role in bringing economic stability to Pakistan. The State Bank of Pakistan confirmed receiving the $1.1 billion tranche from the IMF, with President Ruto also expressing confidence in receiving a $1 billion fresh IMF disbursement.
SBP receives $1.1bn IMF tranche a day after approval https://t.co/z1Tkk0gdw5 https://t.co/aDdqMwlh1e
President Ruto confident of receiving $1bn fresh IMF disbursement https://t.co/BI2ehvNpMI https://t.co/ve5vcBN3yd
SBP confirms receiving $1.1bn tranche from IMF #ARYNews https://t.co/CM1T6tyPlT
IMF tranche to bring economic stability to Pakistan: PM Shehbaz #ARYNews https://t.co/IOZgxP9JHM
Shehbaz is relieved after IMF decided to release $1.1bn tranche https://t.co/JwH6sBqOaF https://t.co/TOQ8PUCchl
IMF approves disbursal of 1.1 Billion dollar loan tranche to #Pakistan. This latest funding marks the third and final installment of a USD 3 billion standby arrangement with the IMF. This is crucial for Pakistan to avert a sovereign default, particularly as the existingโฆ https://t.co/L08ak6ThX1
IMF's $1.1 bln tranche to help Pakistan's economic stability, says PM Sharif https://t.co/awwce8sj5I https://t.co/I4ft6j1pAh
๐๐จ๐ฎ๐ง๐๐ฎ๐ฉ ๐จ๐ ๐๐จ๐ฉ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐๐จ๐ง๐ญ๐๐ง๐ญ [๐๐๐ญ๐ก ๐๐ฉ๐ซ.]: 1. President Ruto advocates for World Bank funding boost urging members to raise International Development Association (IDA) contributions from $93B-120B Kenya owed IDA $11.7B/KES 1.8T as of Dec '23 https://t.co/4XvERGiAcw
"We call on our partners to meet us at this historic moment of solidarity and respond effectively by increasing their IDA contributions... to at least $120 billion," President Ruto told a meeting of African leaders. https://t.co/OaXyJfunRR https://t.co/xXacgypgRO