Pakistan on Wednesday received proceeds of $1.16 billion from International Monetary Fund (IMF) which has been deposited in the central bank.
State Bank of Pakistan (SBP) said this in a tweet.
“#SBP has received proceeds of USD 1.16 billion (equivalent of SDR 894 million) after the IMF Executive Board completed the combined seventh and Eight review under the Extended Fund Facility (EFF) for Pakistan.”
SBP said that the deposit of tranche will help to improve foreign exchange reserves position of Pakistan apart from facilitating realization of inflows from multiple sources.
“This will help improve SBP’s foreign exchange reserves and will also facilitate realization of other planned inflows from multilateral and bilateral sources,” the tweet added.
Earlier this week, IMF approved much awaited and needed tranche of over $1 billion as it restored the stalled program.
Finance Minister Miftah Ismail announced this on his Twitter handle as he congratulated the nation and Prime Minister Shehbaz Sharif.
The global lender revived the Extended Fund Facility (EFF) for Pakistan which had come to a halt during the tenure of Pakistan Tehreek-e-Insaf (PTI) government.
With resumption of loan program, Pakistan was to get $1.16 billion tranche – deemed critical in the current economic scenario as it likely to soothe it.
