Pakistan receives $991m as first tranche of IMF programme

Published July 10, 2019
On July 3, the International Monetary Fund (IMF) executive board had approved a three year $6 billion loan for Pakistan. — Reuters/File
On July 3, the International Monetary Fund (IMF) executive board had approved a three year $6 billion loan for Pakistan. — Reuters/File

Pakistan has received the first tranche of $991.4 million of the $6 billion bailout package International Monetary Fund (IMF) bailout, the chief spokesperson for the State Bank of Pakistan said on Wednesday.

This is equivalent to a special drawing right (SDR) of $716 million. An SDR is an IMF unit for a financial transaction, which includes a mixed basket of currencies.

On July 3, the IMF executive board approved a $6 billion bailout package for Pakistan and immediately released $1bn to ease a sustained pressure on the country’s foreign exchange reserves.

The package, which supports the government’s efforts to revive the country’s ailing economy, includes a phased release of the additional aid over a 39-month period. The IMF will also conduct quarterly review of Pakistan’s performance over this period.

Earlier in the week, a senior government official said that beginning this year, Pakistan will receive a total of $6bn in about three years ending 2021-22 from the IMF, while it has to repay about $4.355bn in four years ending 2022-23, showing net receipts of $1.65bn.

He shared that the government was expected to receive the first disbursement of about $1bn this week under the $6bn Extended Fund Facility (EFF) that would boost the foreign exchange reserves in the short term, but its repayment obligations under the previous $6.4bn EFF have already begun.

Opinion

Law & processions
16 Oct 2021

Law & processions

It is up to the police to impose reasonable conditions on a procession.
Is the party over?
Updated 16 Oct 2021

Is the party over?

Many in PTI are concerned how they can hang on till the next elections.
The last fortress
Updated 16 Oct 2021

The last fortress

The state wants to use the social media rules to trample on the right to freedom of speech.
Reopening under Covid
15 Oct 2021

Reopening under Covid

It will be a challenge to deal with all students returning to classrooms and maintaining SOPs.

Editorial

Diminishing freedom
Updated 16 Oct 2021

Diminishing freedom

DESPITE the serious reservations of digital rights activists and tech companies, the federal government has...
16 Oct 2021

Dirty politics

IN her outburst against Prime Minister Imran Khan this week, PML-N leader Maryam Nawaz may not have taken names but...
16 Oct 2021

Decreasing emissions

THE announcement by SAPM on Climate Change Malik Amin Aslam that carbon emissions in the country came down by 9pc...
No need for NAB
Updated 15 Oct 2021

No need for NAB

THE National Accountability Bureau has sent instructions to its regional bureaus to stop processing cases that fall...
Forced conversions
Updated 15 Oct 2021

Forced conversions

THE majoritarian view has once again prevailed in the matter of bringing about legislation against forced conversion...
15 Oct 2021

Transgender rights

MEMBERS of the transgender community in the country are often at the receiving end of both their families’ and...