IMF deposits $1.2 billion into SBP’s account: Finance Minister Ishaq Dar
The International Monetary Fund (IMF) has deposited $1.2 billion into the State Bank of Pakistan’s (SBP) account, Finance Minister Ishaq Dar informed the nation
In a televised address from Islamabad, Finance Minister Ishaq Dar said Pakistan would receive the balance amount after two reviews — the second in November and the third in February.
He also noted that this was a nine-month program under which Islamabad would receive $3bn.
This inflow will increase Pakistan’s foreign exchange reserves, he said, noting that during the ongoing week, the central bank’s reserves have moved up by around $4.2 billion.
“Our foreign exchange reserves will close at around $13-$14 billion on July 14 […] and the SBP will release the exact numbers later on,” the finance minister said.
He also thanked Prime Minister Shehbaz Sharif for his efforts in securing the program.
He said that Pakistan went for a “smaller” SBA with the IMF instead of the ninth review of the loan program.
“This (programme) has been limited to nine months so that whichever government comes into power after the elections, can make its owns decisions.”
The IMF’s executive board late Wednesday night approved a $3 billion Stand-By Agreement (SBA) under a nine-month program, which came after eight months of tough negotiations over fiscal discipline.
