The State Bank of Pakistan has received the $1.1 billion tranche from the International Monetary Fund (IMF).
According to a statement issued by the SBP, the $1.16 billion loan, approved in the seventh and eighth reviews from IMF, has been received by the central bank.
2/2 This will help improve SBP’s foreign exchange reserves and will also facilitate realization of other planned inflows from multilateral and bilateral sources.
— SBP (@StateBank_Pak) August 31, 2022
“Today, #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 in a tweet on Wednesday.
The IMF board approved the seventh and eighth reviews of Pakistan’s Extended Fund Facility Program (EFF), Finance Minister Miftah Ismail said in a tweet on Monday.
“The IMF Board has approved the revival of our EFF program. We should now be getting the 7th & 8th tranche of $1.17 billion,” Miftah Ismail said on Twitter.
Moreover, the IMF Executive Board extended the volume of IMF’s program to $6.5 billion from an earlier amount of $6 billion.
The Fund in a press release announced that the executive board completed the combined seventh and eighth reviews of the “extended arrangement” under the Extended Fund Facility (EFF) for Pakistan.
