ISLAMABAD: The State Bank of Pakistan has received $1.16 billion from International Monetary Fund (IMF), two days after the executive board of the fund approved the resumption of loan for Pakistan.
With the disbursement of $1.16 billion from the IMF, the foreign exchange reserves of Pakistan and the value of the Pakistani rupee will improve.
According to the SBP, the IMF has deposited seventh and eighth tranches in the SBP’s account on Wednesday.
According to SBP’s tweet issued late Wednesday night, the IMF has transferred 894 Special Drawing Rights (SDRs/IMF currency) _ equal to $1.16 billion into the central bank’s account under the Extended Fund Facility (EFF).
After receiving IMF loan, the reserves with the State Bank of Pakistan have improved to around $9 billion.
The central bank said the deposit of tranche will further improve foreign exchange reserves position of Pakistan apart from facilitating realization of inflows from multiple sources.
“This will help improve SBP’s foreign exchange reserves and will also facilitate realization of other planned inflows from multilateral and bilateral sources,” the tweet added.
Finance Minister Miftah Ismail announced this on his Twitter handle as he congratulated the nation and Prime Minister Shehbaz Sharif.
The global lender revived the Extended Fund Facility (EFF) for Pakistan which had come to a halt during the tenure of Pakistan Tehreek-e-Insaf (PTI) government.
