Pakistan receives $1.16b IMF loan: SBP
- By Web Desk -
- Aug 31, 2022
The State Bank of Pakistan on Wednesday received the $1.16 billion loan from the International Monetary Fund (IMF), ARY News reported.
1/2 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 review under the Extended Fund Facility (EFF) for Pakistan.
— SBP (@StateBank_Pak) August 31, 2022
According to a statement issued by the SBP, the $1.16 billion loan, approved in the seventh and eighth reviews from IMF, has been received by the central bank.
The IMF board approved the seventh and eighth reviews of Pakistan’s Extended Fund Facility Programme (EFF), Finance Minister Miftah Ismail said in a tweet on Monday.
“The IMF Board has approved the revival of our EFF program. We should now be getting the 7th & 8th tranche of $1.17 billion,” Miftah Ismail said on Twitter.
Moreover, the IMF Executive Board stalled the loan program for Pakistan and extended its volume to $6.5 billion from an earlier amount of $6 billion.
The Fund in a press release announced that the executive board completed the combined seventh and eighth reviews of the “extended arrangement” under the Extended Fund Facility (EFF) for Pakistan.
Also Read: Rupee gains Rs1.8 against US dollar in interbank after IMF news
“The board’s decision allows for an immediate disbursement of SDR 894 million (about $1.1 billion), bringing total purchases for budget support under the arrangement to about US$3.9 billion,” the statement read.