Pakistan gets $1.053 bn installment from IMF: SBP

KARACHI: Pakistan has received $1.053 billion tranche of its three-year, $6 billion International Monetary Fund (IMF) loan, the central bank said on Friday.

“Following the successful completion of the 6th review of the IMF programme, the SBP has received the next tranche of $1.053 billion,” said the SBP in its official twitter handle. The IMF executive board completed its sixth review for Pakistan under the Extended Fund Facility (EFF) on Wednesday and approved the loan disbursement to the country. Now, the total disbursement by the IMF under the EFF programme has amounted to $3 billion to Pakistan and provided much needed support to the foreign exchange reserves.

This week the country got $1 billion sukuk proceeds and with the latest $1 billion disbursement from the IMF, the country’s foreign currency reserves have jumped to $24 billion, while the reserves held by the State Bank of Pakistan crossed $17 billion.