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Pakistan receives first IMF payment of $991m

SAMAA | - Posted: Jul 10, 2019 | Last Updated: 7 months ago
SAMAA |
Posted: Jul 10, 2019 | Last Updated: 7 months ago
Pakistan receives first IMF payment of $991m

Photo: AFP

The State Bank of Pakistan has received the first IMF payment of $991.4 million. 

On July 3, the IMF’s Executive Board approved a 39-month extended arrangement under its Extended Fund Facility (EFF) for Pakistan. The  $6 billion will support  the government’s economic reform programme.

The arrival of the first tranche will strengthen Pakistan’s foreign exchange reserves, said officials. Overall, the country’s foreign exchange reserves were recorded at $14.44 billion, which includes the State Bank’s $7.27 billion, as of June 28.

Related: Keeping your ACs running to cost more under IMF programme

Pakistan will get the remaining $5 billion in installments over the next three years.However, it will be subject to tough economic reforms to put Pakistan’s economy on the path of sustainable and balanced growth and increase its per capita income.

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