Pakistan receives second tranche of $452mn from IMF

KARACHI: Pakistan has received $452.4 mn as a second tranche of the $6 billion Extended Fund Facility from the International Monetary Fund (IMF) on Thursday, ARY News reported.

Confirming the report, a spokesperson of the State Bank of Pakistan (SBP) said that the release of second tranche amounting to over $452mn showed IMF’s confidence over the government’s economic policies. The amount will be added to the bank’s data next week, he added.

The spokesperson said that central bank’s net reserves increased by $14mn to $10.9 billion during the week ending December 20.

He maintained that the country’s total foreign reserves stood at $17.6 billion. SBP’s spokesperson said that net foreign reserves held by commercial banks are around $6.68 billion.

Earlier on December 20, the International Monetary Fund (IMF) had approved second tranche worth of $450 million for Pakistan under the $6 billion Extended Fund Facility in a meeting of its executive board in Washington.

IMF had said that the authorities remain committed to expanding the social safety nets, reducing poverty, and narrowing the gender gap.

The federal government of Pakistan had received the first tranche from IMF post-approval of the under the extended loan programme of $6 billion.