Pakistan repays $149 million to IMF

Pakistan still owes the IMF US $1.737 billion under the SBA.

ISLAMABAD: Pakistan paid the 28th instalment to the International Monetary Fund (IMF) under the Standby Agreement (SBA) amounting to $149 million, a State Bank of Pakistan (SBP) spokesperson said on Tuesday.

According to a statement issued by SBP, with the repayment of fresh instalment Pakistan has till date repaid $6.694 billion since July, 2011 to IMF. Out of the total amount paid, $5.809 billion was returned under the SBA facility.

Despite the latest repayment, Pakistan still owes the IMF $1.737 billion.

The depleting foreign exchange reserves of the country can only be checked if it receives foreign exchange inflows in two more IMF tranches amounting to $550 million each, apart from approximately $1 billion from the auction of next generation mobile spectrum licences.

In addition, the government also expects inflows of $800 million from Etisalat which, if realised, will strengthen the foreign exchange position.