Pakistan on Friday received the first tranche of its $7 billion loan from the International Monetary Fund (IMF), amounting to $1.02 billion.
The funds have been transferred to the State Bank of Pakistan (SBP), providing a significant boost to the country’s foreign exchange reserves.
With this infusion, the SBP’s reserves have surged to over $10.5 billion, strengthening Pakistan's financial position. Sources indicate that, including the reserves held by commercial banks, the total foreign exchange reserves have now exceeded $15.87 billion.
The State Bank of Pakistan has confirmed the receipt of the loan and is expected to issue an updated report on the country’s foreign exchange reserves on October 3. This first tranche is part of a broader $7 billion IMF bailout package aimed at stabilizing Pakistan's economy and supporting its fiscal policies.
The increase in foreign reserves is seen as a positive step for Pakistan’s economic recovery, offering the country more stability in managing its currency and addressing balance-of-payment challenges. The IMF’s loan package is expected to further bolster economic reforms and contribute to improving investor confidence.
The IMF’s financial support comes at a crucial time for Pakistan, which is navigating through a challenging economic landscape, marked by inflation and fiscal deficits. This loan is expected to help Pakistan achieve its monetary policy goals and pave the way for sustainable economic growth.
