During the current fiscal year, Pakistan has repaid the IMF $1.9 billion. PHOTO: FILE
KARACHI: Pakistan repaid $147 million on Friday under the International Monetary Fund (IMF) Standby Agreement (SBA), according to a spokesman for the State Bank of Pakistan (SBP).
With the 25th instalment, Pakistan has repaid the IMF $6.2 billion since July 2011, out of which $5.4 billion was paid under the SBA facility, the spokesman added.
During the current fiscal year, Pakistan has repaid the IMF $1.9 billion, including $1.7 billion under the SBA facility. Another $57 million was repaid under
the Emergency Natural Disaster Assistance (ENDA) during the same period.
Between December 13 and December 20, the SBP-held foreign exchange reserves decreased $275 million to $3.1 billion, according to central bank data.
The country has experienced a drop in the SBP-held foreign exchange reserves – which decreased 47% in the last six months – mainly because of debt repayments and limited inflows.
Published in The Express Tribune, December 28th, 2013.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
COMMENTS (10)
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ
@Jameel ur Rasheed: If you have a bank account with the same corporation where ou have a credit card account. Will you not pay your credit card account? Will you simply say net of the liabilities and assets of the 2 accounts?
It is good we are paying back there are some huge countries who have to pay more then us. So be confident this is hard time but we will also see the good time as well....
IMF provided some 550 million USD a week ago and we repaid back to the some 150 million USD. Why can't they just net the amount and pay Pakistan the sum? That's not a difficult accounting!
no GDP growth and limited inflows via remittances. further depreciates our currency with this economy
its like that goldsmith critisizes blacksmith art and vice versa. Please focus on your job and do it with honesty and pride, things will change.
Getting Loans to pay loans.
such a shame that since this country is born, we are always begging around everywhere for money, while taxes that I pay is used by our establishment for buying junk toys from china while our politicians build luxury villa in foreign ... shameful citizen
@Ali S: IMF just gave out 554 million dollars. Its like a vicious cycle that will never end.
I'm not a fan of PML-N, but good on Ishaq Dar for not mincing words about the woeful financial situation and hopefully his govt is taking this very seriously. Repaying IMF debts is the only way to naturally bring down the rupee-to-dollar ratio and prevent this country from entering a legit financial crisis. Everything else - including artificial deflation dramas like the recent one which brought down the dollar's value by five rupees - is only a short-term quick fix which will have repercussions later.