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.
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.