KARACHI: The executive board of the International Monetary Fund (IMF) will meet on April 29 to discuss the approval of $1.1 billion funding for Pakistan, the fund said on Wednesday.

The funding is the second and last tranche of a $3 billion Stand-By Arrangement (SBA) with the IMF, which it secured last summer to avert a sovereign default and which runs out this month.

The South Asian nation is seeking a new long-term, larger IMF loan, Pakistan’s Finance Minister, Muhammad Aurangzeb has said.