July 1, 2003	Tuesday	Rabi-us-Sani 30, 1424

KARACHI, June 30: Pakistan has received $121 million worth of sixth tranche out of a $1.47-billion Poverty Reduction and Growth Facility (PRGF) of the IMF.

A spokesman for the State Bank told Dawn that the IMF on Monday allowed Pakistan to draw 86 million SDR or special drawing rights worth $121 million under the PRGF. He said the amount was credited into the SBP overseas account.

The Fund had approved the sixth tranche about two weeks ago in the light of the fifth review of PRGF supported programme. The Fund review found that Pakistan had met almost all conditions attached with the release of the sixth tranche of the three-year PRGF. Pakistan has so far drawn 517 million SDR or about $736 million under the PRGF that carries an annual interest of half per cent and is repayable over 10 years with a grace period of five-and-a-half years. The country will draw six more tranches out of 1.03 billion SDR or $1.47 billion PRGF that is to be distributed in 12 equal instalments.

The SBP spokesman said that with the inflow of $121 million in its kitty, Pakistan’s total liquid foreign exchange reserve has risen to $10.72 billion. Of this $9.52 billion is held by the SBP and the remaining $1.20 billion by the banks.