SBP receives $1b loan tranche from IMF

Disbursement comes after global lender revives bailout programme for Pakistan

KARACHI:

The State Bank of Pakistan has received an installment of $1.053 billion from the International Monetary Fund under the Extended Fund Facility worth $6 billion.

“Following the successful completion of the sixth review of the IMF program, SBP has received the next tranche of $1.053 billion,” the State Bank of Pakistan stated on its official twitter handle.

The executive board of the IMF on Wednesday revived Pakistan’s $6 billion Extended Fund Facility (EFF) programme, paving the way for the disbursement of about $1 billion tranche.

The move came after the Pakistan Tehreek-i-Insaf (PTI) government narrowly managed to get the crucial State Bank of Pakistan (Amendment) Bill passed from the opposition-controlled Senate on previous Friday.

Sources told The Express Tribune that the review largely remained smooth. They said the Indian executive director, who represents a constituency of four countries, abstained from the meeting.

The executive board, which met in Washington, also waived some conditions necessary for the release of the fourth loan tranche under the sixth review of the EFF.