Wednesday August 31, 2022

SBP Receives $1.6 Bn Loan Tranche From IMF

KARACHI:In a boost to the dwindling Forex reserves, the State Bank of Pakistan Wednesday received much needed $1.16 billion deposit from the International Monetary Fund (IMF).

“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 reviews under the Extended Fund Facility (EFF) for Pakistan,” wrote the bank.

The bank said that the funds will improve the SBP’s foreign exchange reserves.

“[It] will also facilitate realisation of other planned inflows from multilateral and bilateral sources,” read the statement.

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