Pakistan receives $ 700 million second tranche from IMF bailout

F.P. Report

ISLAMABAD: Pakistan’s central bank has received $700 million as second tranche from the IMF under an existing USD 3 billion bailout package, on Wednesday. 

According to the Governor of Pakistan State Bank  , after the recent installment, Pakistan has received a total sum of $1.9 billion from the global lender under the approved package.

After the final economic review, Pakistan will get another $1.1 billion from the IMF, the governor added.

1/2 #SBP has received SDR 528 million (equivalent to $705.6 million) in value 16th January 2024 from IMF following successful completion of the first review by the Executive Board of IMF under Stand By Arrangement (SBA).

— SBP (@StateBank_Pak) January 17, 2024

Earlier A mission from the Washington-based global lender reviewed the country’s economic performance during the first three months of the fiscal year, from July to September 2023.

The completion of the review allows for an immediate disbursement of USD 700 million in Special Drawing Rights (SDR), bringing the total disbursements under the Stand-By Arrangement (SBA) to USD 1.9 billion.