Pakistan receives $1.13 billion from IMF

Pakistan has received fresh installment of $1.13 billion from International Monetary Fund (IMF).

ISLAMABAD: The spokesman of State Bank of Pakistan Syed Waseemuddin said that Pakistan had received fresh installment of $1.13 billion from International Monetary Fund (IMF).

Talking to a private news channel, he said the installment has been paid as fifth tranche of standby program. IMF has so far released $7.27 billion out of total amount of $11.3 billion.

Analysts said Pakistan's foreign exchange reserves would exceed from $16 billion after receiving the installment, which will be sufficient for import bill for seven months