Karachi: The State Bank of Pakistan (SBP) on Wednesday (August 31) confirmed receiving USD 1.16 billion from the International Monetary Fund (IMF), news sources reported. The government has received the funds under the IMF Extended Fund Facility (EFF) program.
According to reports, the government got the 7th and 8th tranches from the IMF following approval from the IMF’s Executive Board on Monday (August 29). Following the meeting, the government got an immediate payout from the IMF of SDR 894 million (around USD 1.16 billion). The central bank also reported the news on its official Twitter account, citing it as significant for the country’s foreign exchange reserves (FOREX). The bank also stated that the funds received will help to stabilise the country’s economic outlook and reduce the current account deficit (CAD).
1/2 Today, #SBP has received proceeds of USD 1.16 billion (equivalent of SDR 894 million) after the IMF Executive Board completed the combined seventh and Eight review under the Extended Fund Facility (EFF) for Pakistan.
Pakistan just got USD 4 billion from Gulf nations, which has stabilised the country’s reserves. As part of the EFF initiative, which was agreed upon in 2019, the government would get USD 6.5 billion through June 2023.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
