Karachi: Pakistan has received tranche of $ 705.6 million from International Monetary Fund (IMF), said State Bank of Pakistan (SBP). Development comes days after IMF Executive Board completed first review of $ 3 billion Stand-By Arrangement.

“SBP has received SDR 528 million (equivalent to $ 705.6 million) in value January 16, 2024 from IMF following successful completion of first review by Executive Board of IMF under Stand By Arrangement,” it said in post on X.

“This disbursement will be reflected in SBP reserves for week ending on January 19, 2024.” Latest development holds significance for Pakistan’s economic landscape as country faces low level of foreign exchange reserves amid repayments and low non-debt-creating dollar inflows.

Foreign exchange reserves held by State Bank of Pakistan decreased by $ 66 million weekly, clocking in at $ 8.15 billion as of January 5 as data released last Thursday showed.

Total liquid foreign reserves held by country stood at $ 13.25 billion. Net foreign reserves held by commercial banks stood at $ 5.10 billion. SBP had attributed decline in reserves to debt repayments.

Published in The Daily National Courier, January, 18 2024

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