Islamabad: The International Monetary Fund (IMF) on Thursday released first tranche of 1.2 billion dollar of 3 billion dollars approved its board yesterday.
The IMF has deposited the amount with the State Bank of Pakistan (SBP). While remaining 1.8 billion dollars amount will be issued after two reviews reports.
After receiving the much awaited loan from the IMF, Federal Finance Minister Ishaq Dollar said that the country once again has taken the path of development.
IMF Executive Board approved today Stand-by Agreement (SBA) for US$ 3 billion for Pakistan! https://t.co/eU6naaALBi
— Ishaq Dar (@MIshaqDar50) July 12, 2023
Ishaq Dar apprised that Prime Minister Shahbaz Sharif has vital role in brokering deal with the IMF. He also lauded his economic team over receiving of the IMF loan.
In a televised message today, he said the IMF’s Executive Board meeting approved the nine month stand by arrangement of three billion dollars last night.
The Finance Minister said the receipt of IMF’s tranche will further improve our foreign exchange reserves. He pointed out that the reserves of State Bank of Pakistan has increased by four point two billion dollars this week. He said it is expected that our foreign exchange reserves will be between thirteen and fourteen billion dollars when the central bank will share the exact figures tomorrow at the close of the week.
The Finance Minister said Pakistan will receive the remaining 1.8 billion dollars from the IMF after two reviews in November and February.
Ishaq Dar said this stand by arrangement has been limited to nine months so that the next elected government could take its own decisions.
The Finance Minister said Pakistan has been put on the positive journey, stressing for collective efforts to further consolidate these gains and take the country towards positive growth trajectory.
