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Pakistan receives third tranche of $500mn from IMF

KARACHI: Pakistan has received $498.7 mn as a third tranche of the $6 billion Extended Fund Facility from the International Monetary Fund (IMF) on Tuesday, ARY News reported.

In a message posted on its Twitter account, the SBP said that it had received an IMF tranche of US$ 498.7 million (equivalent to SDR 350 million) under the Extended Fund Facility.

The International Monetary Fund (IMF) on March 25 had approved the release of the next loan tranche of around $500 million for Pakistan.

According to the declaration released by the IMF, the approval was given after reviewing Pakistan’s progress in line with the program in the Board of Directors (BoD) meeting.

Read More: Pakistan, IMF reach staff-level agreement to pave way for release of $500mn tranche

Out of the $6 billion, the IMF has disbursed $2 billion in three tranches.

The IMF has appreciated Pakistan’s policies of bringing reforms in the economic sector.

In November last year, the second tranche of IMF loan designated for Pakistan, worth 450 million rupees was approved.

US dollar falls below Rs154 against rupee

Pakistani rupee strengthened by 74 paisas against the United States (US) dollar at the start of today’s trading in the inter-bank currency market.

According to foreign currency dealers, the local unit appreciated 74 paisas to 153.30 against the greenback, hitting a 21-month high. The rupee had closed at 154.04 against the dollar the other day.

The rupee has recovered more than Rs14 during the last seven months since it touched an all-time low of Rs168.43 last year in August.

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