IMF loan shores up SBP-held reserves to $8.4bn

The foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by more the $4bn after the International Monetary Fund (IMF) deposited $1.2 billion into the central bank, ARY News reported on Thursday quoting SBP.

According to the data shared by central bank, Pakistan has received $1bn from UAE, $1.2bn from IMF and $2 billion from Saudi Arabia, raising the foreign exchange reserves held by the SBP to $8.4bn.

In a televised address earlier today, the Finance Czar Ishaq Dar said: “Our foreign exchange reserves will close at around $13-$14 billion on July 14”.

Pakistan is back on the track of development and prosperity, he added.

Noting that Prime Minister Shehbaz Sharif played a pivotal role in reaching the deal with the IMF, Ishaq Dar said the economic team had extended full support to him during the complicated process.

It is pertinent to mention here that the International Monetary Fund (IMF) Wednesday night approved a $3 billion loan for Pakistan after signing the staff-level agreement last month.