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Pakistan receives $452 million from IMF: SBP

SAMAA | - Posted: Dec 26, 2019 | Last Updated: 2 months ago
SAMAA |
Posted: Dec 26, 2019 | Last Updated: 2 months ago
Pakistan receives $452 million from IMF: SBP

Photo: AFP

Pakistan received on Thursday $452 million as the second installment of the International Monetary Fund’s $6 billion loan programme, the State Bank of Pakistan said.

The IMF had evaluated Pakistan’s economic progress and approved the release of the second tranche on December 20.

On July 3, the IMF’s Executive Board had approved a 39-month arrangement under its Extended Fund Facility for Pakistan, in order to support the government’s economic reform programme. Pakistan received the first IMF payment of $991.4 million on July 10.

The country would get the remaining amount in installments over the next three years. However, it is subject to tough economic reforms to put the country’s economy on the path of sustainable and balanced growth and increase its per capita income.

Related: Pakistan’s economy and security have improved: IMF represent

“The government of Pakistan is now determined and committed to implementing strong and solid economic programmes with IMF’s support,” said Maria Teresa Daban Sanchez, the IMF resident representative for Pakistan, in an exclusive interview to SAMAA TV.

The targets and objectives of the fiscal and the monetary policies and the power sectors have been achieved for the first quarter, she said. The programme is on track and the policies are getting good results.

The economic challenges being faced by Pakistan today is the result of unbalanced policies over the years, she remarked.

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