The International Monetary Fund (IMF) has finally disbursed the eagerly anticipated $700 million tranche, providing a much-needed boost to the State Bank of Pakistan’s (SBP) foreign reserves.
The SBP confirmed the development on X formerly Twitter with a post.
This follows the successful completion of the first review by the IMF Executive Board under the Stand By Arrangement (SBA).
“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).This disbursement will be reflected in SBP Reserves for the week ending on 19th January 2024.,” said the SBP in the post.
In another statement posted by the SBP on X, it also confirmed that the UAE had confirmed rollover of its two deposits of US$1.0 billion each placed with State Bank of Pakistan for another one year which were maturing in January 2024.
According to the media reports, the prime minister had already written a letter to the UAE government requesting the rollover of a $2bn loan.
According to experts, it would improve SBP’s foreign reserves position which would boost investor confidence.
The government has been taking practical measures to woo the foreign investors for attracting their investment in multiple sectors.
To this end, a Special Investment Facilitation Council has been established to facilitate the investors through one-window operations.
