IMF approves $70m tranche for Pakistan
WASHINGTON: The IMF Executive Board has approved a loan of $70 million for Pakistan.
A loan has been approved under the Standby Arrangement Program for Pakistan. On completion of the first economic assessment, the staff level agreement was signed on November 15.
Pakistan has already received 1.2 billion dollars from the loan program. By receiving $70 million from the IMF, the amount of $1.9 billion will be released.
Meanwhile, total liquid foreign reserves of Pakistan increased to $ 13,256.6 million while reserves held by State Bank reached $ 8,154.8 million in the week ended on January 5, 2023.
The State Bank of Pakistan, in a statement issued here on Thursday, informed that SBP’s reserves decreased by $ 66 million to $ 8,154.8 million due to debt repayments during the week under review.
Meanwhile, net foreign reserves held by commercial banks stood at $ 5,101.8 million, it added.
Total liquid foreign reserves held by the country, in the previous week ended on December 29, 2023, were $ 13,220.6 million. Among them, foreign reserves held by the central bank were $ 8,221.2 million while net foreign reserves held by commercial banks were $ 4,999.4 million.
