ISLAMABAD: Pakistan has received $1.1 billion from the International Monetary Fund (IMF) in the final tranche of the $3 billion Stand-By Arrangement (SBA), the State Bank of Pakistan (SBP) said on Tuesday. Earlier the State Bank in its report revealed that the Executive Board of IMF has approved the second review under SBA for Pakistan allowing for an immediate disbursement of $1.1 billion.
The received amount would be reflected in the central bank’s foreign exchange reserves for the week ending on May 3rd.
The key development comes after the IMF on Monday completed its final review of Pakistan’s economic reform programme backed by the 9-month SBA and allowed immediate disbursement of $1.1 billion.
At present the foreign exchange reserves being held by the central bank are standing at $7.981 billion as of April 19 and will be updated at the end of the current week.
PM Shehbaz on IMF Final Tranche
Commenting over the recent move, PM Shehbaz Sharif said that the disbursement would bring more economic stability in the country adding that the $3 billion Stand-By Arrangement was important in protecting Pakistan from defaulting on its external liabilities.
Meanwhile, Pakistan would be now looking to get a larger and longer Extended Fund Facility (EFF) of the IMF programme to achieve macroeconomic stability in the country.
Earlier on Sunday, Prime Minister Shehbaz Sharif called on the IMF managing director Kristalina Georgieva and reiterated Pakistan’s commitment to put the economy of the country back on track.
