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SBP receives first tranche of $991.4 million from IMF

IMFL

ISLAMABAD (Web Desk) – Pakistan has received the first tranche of $991.4 million from the International Monetary Fund (IMF) on Tuesday.

The amount will improve Pakistan’s foreign exchange reserves. Until now, foreign exchange reserves have increased more than $15 billion, out of which reserves of the central bank have reached up to $8 billion.

IMF executive board formally had approved a 39-month-long extended fund facility (EFF) worth $6 billion for Islamabad on July 3.

Pakistan will get $2 billion annually, under the Extended Fund Facility (EFF), for the period of three years. The amount would help Pakistan stabilise its crippling state of economy and recover from fiscal debt and inflation.

On the other hand, the country is also expected to receive $3 to $4 billion from the Asian Development Bank (ADB) and the World Bank Group.

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