Finance

Pakistan receives one billion dollars from IMF

Karachi, July 10, 2019: Major development on the economic front as Pakistan on Wednesday morning received one billion dollars from International Monetary Fund (IMF) as the first tranche of a bailout package for balance of payment support.

State Bank of Pakistan’s spokesman has confirmed that SBP has received IMF First Tranche of $991.4 million which is equivalent to SDR 716 million.
Analysts said that with the arrival of inflows from the IMF, the country’s depleting foreign exchange reserves will be strengthened.

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On July 3, 2019, the Executive Board of the IMF had approved a 39-month arrangement under the Extended Fund Facility (EFF) for Pakistan for an amount of SDR 4,268 million (about US$6 billion or 210 percent of quota) to support the authorities’ economic reform programme.

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