SBP receives the final $1.1 billion tranche from IMF

The State Bank of Pakistan (SBP) has received SDR 828 million (around $1.1 billion) from the International Monetary Fund (IMF).

The money was recieved a day after the nine-month stand-by arrangement was approved by the IMF on Monday.

The central bank in a statement said the amount would be reflected in the SBP’s foreign exchange reserves for the week ending on May 3, 2024.

An official statement issued by the IMF late Monday said the executive board completed the second and final review of Pakistan’s economic reform programme supported by the SBA.

“The board’s decision allows for an immediate disbursement of SDR 828 million (around $1.1 billion), bringing total disbursements under the arrangement to SDR 2.250 billion (about $3 billion).”

This was the third and last tranche of a $3 billion SBA with the IMF, which Pakistan secured last summer to avert a sovereign default.