Under a standby arrangement reached with the IMF, the approval of a fresh loan amounting to USD 3 billion will provide crucial financial support to the country's struggling economy.

Disbursement of the loan will take place over the course of the next nine months, bolstering Pakistan's efforts to address its most severe economic crisis since gaining independence from Britain in 1947.

The ranking of borrowing nations placed Pakistan at the fifth spot on the IMF's list of highest borrowers. However, with the imminent arrival of the additional USD 3 billion loan, Pakistan is poised to climb to the fourth position in the global borrowing rankings.

The standby arrangement, which has been reached after an eight-month delay, is yet to receive final approval board. Once approved, it will serve as a crucial lifeline for Pakistan's economic recovery and stabilization efforts.

Earlier figures from the IMF revealed that Argentina held the top position with loans totaling USD 46 billion, followed by Egypt with USD 18 billion, Ukraine with USD 12.2 billion, Ecuador with USD 8.2 billion, and Pakistan with USD 7.4 billion. However, with the upcoming loan disbursement, Pakistan's borrowing total will surge to USD 10.4 billion, surpassing Ecuador and solidifying its place as the fourth largest borrower from the IMF worldwide.

This development highlights the urgent need for Pakistan to address its economic challenges and sets the stage for potential reforms and measures to stabilize the nation's financial outlook. As the country eagerly awaits final approval, the loan is anticipated to provide crucial support, offering a glimmer of hope for Pakistan's economic recovery in the face of its formidable crisis. (ILKHA)