Islamabad July 13 2023: IMF has transferred an amount of USD 1.2 billion into the account of State Bank of Pakistan, says Finance Minister of Pakistan Muhammad Ishaq Dar.
The remaining amount of USD 1.8 billion will be phased over the program's duration, subject to two quarterly reviews, states IMF in its report.
During the current week reserves of the central bank increased by USD 4.6 billion, he added.
Yesterday, the Executive Board of the International Monetary Fund (IMF) approved a 9-month Stand-By Arrangement (SBA) for Pakistan for an amount of SDR2,250 million (about $3 billion, or 111 percent of quota) to support the authorities’ economic stabilization program.
Earlier in the week, the State Bank of Pakistan received deposit of USD 2 billion and USD 1 billion from Saudi Arabia and UAE.