SBA extended by nine months

Pakistan''s request to the International Monetary Fund (IMF) to extend the Stand-By Arrangement (SBA) by nine months, stands approved, it is reliably learnt.
The extension request was circulated by Director, Middle East and Central Asia Department, IMF, Dr Masood Ahmed, to the members of the Board of Directors, under the "lapse of time" procedure - whereby Directors asked to approve the request - unless someone has an objection - to circulation without the formal meeting of the Board of the Fund.
Since the time lapsed at 12noon (Washington DC time) on Monday December 27 - with no dissent from any Director, Pakistan request for extension thereby stands approved. The Board members will now receive a detailed briefing from the Fund staff on Pakistan''s performance under the Stand-By Arrangement on January 17, 2011. The Middle East and Central Asia Department led by Ahmed is responsible for handling the IMF''s relations with several countries, including Pakistan.