‘$ 6bn bailout Package’, Pakistan receives its first tranche from IMF
KARACHI: Pakistan received $991.4 million from the International Monetary Fund (IMF) as the first tranche of a bailout package for balance of payment support.
According to State Bank of Pakistan (SBP), the first tranche received form IMF is about $991.4 million which is equivalent to SDR 716 million.
As per details, following the loan from the IMF, the country’s foreign exchange reserves now stand at above $15.0431 billion.
The arrival of inflows from the IMF will help strengthen the depleting foreign exchange reserves of the country and ease pressure on the external account.
The IMF’s Executive Board on July 3 had approved a three-year bailout package worth $6 billion to Pakistan.
IMF’s spokesperson, Gerry Rice, had confirmed the news on Twitter, saying, “IMF Executive Board approved today a three-year US$6 billion loan to support Pakistan’s economic plan, which aims to return sustainable growth to the country’s economy and improve the standards of living.”
The IMF and Pakistan’s government had earlier already signed a staff agreement on May 12 in this regard.