Pakistan receives first tranche of $1.2bln from IMF

ISLAMABAD: Pakistan on Thursday received first tranche of $1.2 billion from the International Monetary Fund (IMF) under the SBA programme, ARY News reported. 

The International Monetary Fund (IMF) on Wednesday night approved a $3 billion loan for Pakistan after signing the staff-level agreement last month.

The International Monetary Fund (IMF) had transferred an amount of $1.2 billion to the State Bank of Pakistan, Finance Minister Ishaq Dar confirmed in a televised statement here in Islamabad.

Dar said the remaining $1.8 would be released after two reviews, meaning that there would be two instalments.

Pakistan’s foreign reserves had jumped by $4.2 billion during the last four days, he said – in a reference to $2bn deposit made by Saudi Arabia and another $1bn received from the United Arab Emirates (UAE).

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

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

The country was gain on the move towards development, said the finance minister who stressed that everyone would have to contribute for continuing the journey.