Pakistan Receives $700m IMF Tranche Ahead of Elections
Jan 17, 2024 20:06
Pakistan receives $700 million from the IMF, the second tranche of a $3 billion bailout package, ahead of next month's elections. The loan will help the cash-strapped country avoid default.
Islamabad, Jan 17 (PTI) Ahead of the next month's elections, cash-strapped Pakistan on Wednesday confirmed that it received over USD 700 million second tranche from the International Monetary Fund (IMF) under an existing USD 3 billion bailout package.
The loan was part of a USD 3 billion bailout package agreed towards June last year when Pakistan was slowly drifting towards default.
The State Bank of Pakistan (SBP) confirmed in a statement that it has received SDR 528 million (equivalent to $705.6 million) in value 16th January 2024 from IMF following successful completion of the first review by the Executive Board of IMF under Stand By Arrangement (SBA)."
It further said that the disbursement will be reflected in SBP reserves for the week ending on January 19, 2024.
The handing over of around $700 million brings the total disbursements under the SBA with the IMF to $1.9 billion, while another $1.1 billion will be provided in April as the two sides are set to complete the nine month program.
The reimbursement by the IMF comes after the UAE also confirmed the rollover of its two deposits of $1 billion each placed with SBP for another year. The period of deposit was maturing in January 2024.
Pakistan has avoided potential default with the help from the international donors and friendly countries but its economy is still under clouds. It is believed that another IMF program would be needed at the completion of the ongoing package.
The country's economy has been in a free fall mode for the last many years, bringing untold pressure on the poor masses in the form of unchecked inflation, making it almost impossible for a vast number of people to make ends meet.
Home »
Market News » Pakistan Receives $700m IMF Tranche Ahead of Elections
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
MORE NEWS
Delhi Airport Low Visibility Procedures | DIAL...
Delhi airport operator DIAL confirms low visibility procedures are in place due to high...
Zee Entertainment Raises Targets for CEO Punit...
Zee Entertainment's board has set higher performance targets for CEO Punit Goenka's...
IMF Team Reviews Sri Lanka's Economic Reform...
The IMF team has arrived in Sri Lanka to conduct the third review of the USD 3 billion...
Sitharaman Responds to Middle Class Tax Relief...
Finance Minister Nirmala Sitharaman responds to an X user seeking tax relief for the...
India's Free Trade Talks Continue: UK, EU...
India's free trade agreements, including those with the UK and EU, are progressing as...
DLF's K P Singh: How GE Came to India
Discover how DLF's K P Singh facilitated General Electric's entry into India,...
Prestige Estates to Launch Rs 52,000 Cr Housing...
Prestige Estates Projects Ltd plans to launch housing projects worth Rs 52,000 crore by...
ACME Sun Power Secures Rs 3,753 Cr Loan for...
ACME Sun Power secures a Rs 3,753 crore term loan from REC Ltd. for the development of...
Fine Acers Targets Rs 5,000 Crore AUM by 2026-27
Fine Acers, a luxury resort investment firm, aims to reach Rs 5,000 crore in assets...
Sirius India Airlines Plans USD 100 Million...
Sirius India Airlines aims to raise USD 100 million for fleet and services expansion,...
Read More »