Pakistan receives $1.03 billion first tranche of IMF loan

ISLAMABAD: The State Bank of Pakistan (SBP) confirmed on Friday that it received the first tranche of $1.03 billion from the International Monetary Fund (IMF), which approved a $7 billion loan programme for Pakistan on Wednesday.

“Following the approval of the IMF Executive Board of 37-month Extended Fund Facility amounting to US $7 billion, SBP has received the first tranche of SDR 760 million, equivalent to USD 1026.9 million, from the IMF today,” the press release issued by SBP read.

The SBP said that these inflows will be reflected in its liquid reserves and the official update in this regard is expected on Thursday, October 3.

Read more: IMF approves $7 billion loan for Pakistan

IMF on Wednesday approved a $7 billion new bailout package for Pakistan. The IMF Executive Board approved a 37-month Extended Fund Facility (EFF) totalling $7 billion, authorizing the immediate release of the first loan tranche of nearly $1.1 billion. This marks Pakistan’s 25th IMF programme since 1958 and its 6th under the EFF.

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