IMF deposits $1.2 b into SBP’s account

ISLAMABAD: The International Monetary Fund (IMF) Thursday deposited $1.2 billion into the State Bank of Pakistan’s (SBP) account, boosting the cash-strapped nation’s hope for economic stability, as it teetered on the brink of default for several months.

The IMF’s executive board late last night approved a $3 billion Stand-By Agreement (SBA) under a nine-month programme, which came after eight months of tough negotiations over fiscal discipline.

In a televised address from Islamabad, Finance Minister Ishaq Dar said Pakistan would receive the balance amount after two reviews — the second in November and the third in February.