Pakistan gets Ist tranche of IMF loan
The State Bank of Pakistan (SBP) received first tranche of $991.4 million from the International Monetary Fund (IMF) under Extended Fund Facility (EFF) to help the country reduce economic vulnerabilities and generate sustainable and balanced growth. The SBP has received IMF first tranche of $991.4 million which is equivalent to SDR 716 million, said SBP Chief Spokesman in the wee hours of Wednesday.
The IMF on July 3 had approved a loan of $6 billion for Pakistan, a 39-month extended arrangement, to support the country’s economic reform programme. After approval of the loan under EFF by the Executive Board of IMF, Pakistan was eligible to immediately receive first tranche of $1 billion. According to the State Bank of Pakistan (SBP), following the loan from the IMF, the country’s foreign exchange reserves now stand at above $15.0431 billion.
The IMF’s Executive Board on July 3 had approved a three-year bailout package worth $6 billion to Pakistan. IMF’s spokesperson, Gerry Rice, had confirmed the news on Twitter, saying, IMF Executive Board approved today a three-year US$6 billion loan to support Pakistan’s economic plan, which aims to return sustainable growth to the country’s economy and improve the standards of living. IMF approves three-year $6bn bailout package for Pakistan
‘IMF Executive Board approved today a three-year US$6 billion loan to support Pakistan’s economic plan,’ a spoke…
The country’s economic plan seeks to return sustainable growth to the economy by adopting reforms to foster stronger and more sustainable growth, Rice had added. The IMF and Pakistan’s government had earlier already signed a staff agreement on May 12 in this regard.
Furthermore, the Asian Development Bank (ADB) on Monday announced its plan to support Pakistan with indicative lending worth up to $10 billion for various development projects and programs during the next five years. The ADB held a series of consultations with the Pakistani government on Monday to formulate a new Country Partnership Strategy (CPS), which will guide ADB’s engagement in the country from 2020 to 2024, it said.
ADB to lend Pakistan up to $10bn during next five years
ADB says it has planned to support Pakistan with indicative lending of up to $10 billion during the next five years