KARACHI: Pakistan has received the first tranche of the loan from International Monetary Fund (IMF) after the approval of the IMF Executive Board of a 37-month Extended Fund Facility amounting US$7 billion.
State Bank of Pakistan (SBP) received USD 1026.9 million– as the first tranche from the international lender on Friday, according to SBP. These inflows will be reflected in SBP liquid reserves to be issued on Thursday, October 03, 2024.
The International Monetary Fund (IMF) Executive Board on September 25 approved Pakistan’s 37-month Extended Fund Facility (EFF) of about US$7 billion.
The IMF Executive Board in its meeting considered Pakistan’s request for an extended loan program under the Extended Fund Facility.
The 37-month Extended Fund Facility arrangement would support economic stability and growth in Pakistan, with major policy goals including reduced inflation, sustainable public finances, and strengthened external buffers.
Earlier on September 13, Finance Minister Muhammad Aurangzeb said that all matters with the IMF have been settled amicably.
He added that a reduction in the policy rate will improve investment and business activities, creating employment opportunities.
Meanwhile, Prime Minister (PM) Shehbaz Sharif also expressed satisfaction over the approval of the IMF package of US$7 billion for Pakistan.
In a statement issued by the PM Office, the prime minister said that the process for economic reforms was underway and after attaining financial stability, efforts would continue to achieve economic growth and development objectives.
