Pakistan receives $705.6 million from IMF; UAE rolls over $2 billion loan

BusinessPakistan receives $705.6 million from IMF; UAE rolls over $2 billion loan

KARACHI, Pakistan: The State Bank of Pakistan has received an amount of 528 million Special Drawing Rights (SDRs) (equivalent to US$ 705.6 million) from the International Monetary Fund (IMF) following the successful completion of the first review by the Executive Board of IMF under the Stand By Arrangement (SBA).

In a statement on Wednesday, the Central Bank said that this disbursement will be reflected in SBP Reserves for the week ending on January 19, 2024.

   

On January 11, the IMF Executive Board completed the first review of Pakistan’s economic reform program supported by the IMF’s Stand-By Arrangement.

The Board’s decision allowed for an immediate disbursement of SDR 528 million (around US$ 700 million), bringing total disbursements under the arrangement to SDR 1.422 billion (about US$ 1.9 billion).

Pakistan’s nine-month SBA was approved by the IMF Executive Board on July 12, 2023 in the amount of SDR 2.250 billion (about US$ 3 billion at the time of approval), aims to provide a policy anchor for addressing domestic and external balances and a framework for financial support from multilateral and bilateral partners.

UAE confirms rollover of its 2 deposits of $1.0 billion each for one year

Meanwhile, the United Arab Emirates (UAE) has confirmed rollover of its two deposits of US$ 1.0 billion each placed with the State Bank of Pakistan for another one year which were maturing in January 2024.

Mati
Mati
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