ISLAMABAD: Finance Minister Ishaq Dar Thursday stated that the International Monetary Fund has transferred $1.2bn to the State Bank of Pakistan’s (SBP) account.
The statement comes a day after the Executive Board of the global lender approved a $3bn bailout package for Pakistan that saved the country from default and put it back on the reforms path.
The Board approved a nine-month Stand-by Arrangement (SBA) in the amount of SDR2.25bn or about $3bn. The amount is equal to Pakistan’s 111% of the quota.
Addressing a press conference, Dar said that the IMF has transferred the first installment to the central bank as part of the bailout package.
Pakistan will receive the remaining amount after two reviews – one in November and the other in February 2024, Dar added.
Later in a tweet, the finance minister said the inflow from the UAE has further swelled the country’s foreign exchange reserves “and will accordingly be reflected in the forex reserves position for the week ending 14 July 2023”.
Dar also extended heartfelt thanks to the leadership of UAE for their great gesture and support by placing the said deposit of $1bn with SBP on behalf of Prime Minister Shehbaz Sharif, Army Chief General Asim Munir and the people of Pakistan.
