ISLAMABAD: The State Bank of Pakistan (SBP) has 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 (Special Drawing Rights) 716 million,” said SBP chief spokesman on 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 became eligible to immediately receive first tranche of $1 billion. The IMF will quarterly review the performance of Pakistan over 39 months, while the programme would focus on a decisive fiscal consolidation to reduce public debt and build resilience while expanding social spending.It will also try to ensure a flexible, market-determined exchange rate to restore competitiveness and rebuild official reserves, besides eliminating quasi-fiscal losses in the energy sector, strengthening institutions and enhancing transparency.
07-11-2019, 12:51 PM
IMF?s first tranche of $991m received
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