Pakistan receives USD 1.3 bn loan from IMF: Central bank

Islamabad, May 13: Pakistan has received USD 1.3 billion from the International Monetary Fund under two separate ongoing financing arrangements, the central bank said on Wednesday.

Funding was secured on Tuesday through separate International Monetary Fund (IMF) programmes, split between the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF), aiming to stabilise Pakistan’s external payments and help it fight climate-related hazards.

According to the State Bank of Pakistan (SBP), the IMF had approved the disbursement of USD 1.1bn under the EFF and around USD 220 million under the RSF.

This is the part of the fund agreed in September 2024 to provide USD 7 billion over a period of 37 months under EFF, while it decided to provide USD 1.4 billion under RSF.

“The IMF Executive Board completed the third review under the EFF in its meeting held on May 8 and approved the disbursement of Special Drawing Rights (SDR) 760 million for Pakistan,” the State Bank of Pakistan (SBP) said in a post on X.

“Furthermore, the IMF Executive Board has also approved the disbursement of the second tranche of SDR 154 million under the Resilience and Sustainability Facility (RSF),” it said.

“Accordingly, SBP has received SDR 914 million (equivalent to about USD 1.3 billion) under the EFF and RSF on May 12 from the IMF,” it said.

The bank noted the amount will update the country’s foreign exchange reserves for the week ending May 15.

Last week, the executive board of the IMF agreed to provide Pakistan with about USD 1 billion under the EFF and about USD 210 million under the RSF.

The country has so far received a USD 4.5 billion loan from the IMF against two debt packages totalling USD 8.4 billion.

The IMF approval came after the government showed better performance against fiscal and monetary targets. Still, there were divergent views about the path during the second half of this fiscal year.

This provides crucial support to Pakistan, which depends on the fund to improve its foreign reserves.

Tags: bn loan Central bank IMF Pakistan USD 1.3

About Us

Kashmir Dot Com (KDC) is J&K's premier News Agency having a vast reach of audience.

Kashmir Dot Com is a News Agency based in Srinagar, J&K that offers syndicated multimedia news feed to plethora of news-bureaus in J&K and beyond. We also provide a range of facilities from foreign and domestic channels to package their reports in Jammu and Kashmir. We cover almost all areas of interest in J&K to viewers including news, entertainment, and life styles, bussiness, sports, human-interest features and social and developmental issues.

KDC can well and truly take pride in the legacy of it's work, and in it's contribution towards the building of a free and fair Press in Jammu and Kashmir.

Pakistan receives USD 1.3 bn loan from IMF: Central bank

Trainer Aircraft Of Private Company Crash-Lands In Maharashtra’s Baramati; No Casualty

Police dismiss ‘conversion’ angle in Udhampur case, warn against rumours on social media

Police dismiss ‘conversion’ angle in Udhampur case, warn against rumours on social media

Leave a Reply Cancel reply

LATEST NEWS

CEO SSCL reviews E-Bus Operations at Pantha Chowk

Sakeena Itoo inaugurates newly constructed Administrative Block at Women’s College Srinagar

‘Advisory Board not a mere Post-Office’: High Court comes down heavily on mechanical approval of PSA detention

Gold rebounds Rs 700 to Rs 1.46 lakh/10gm in Delhi as rupee weakens; silver steady

‘Adhoc cannot replace adhoc’: High Court stops J&K Govt from swapping guest lecturers

Police intensify anti-narcotics crackdown, 10 held in Anantnag and Kulgam

LG Sinha Lays Foundation Stone for University of Jammu’s Kashmir Chapter

ACB Organises Youth Parliament, Vigilance Awareness Sessions in Bla, Poonch on Day 2 of VAW

CM Omar congratulates J&K Wushu, Taekwondo teams on winning National School Games trophies

Cabinet approves 3 pc hike in dearness allowance for central govt employees

About Us

Category

Company Info