KARACHI: The State Bank of Pakistan confirmed on Wedne­sday that it has received a second tranche of $705.6 million from the Intern­ational Mone­tary Fund (IMF), while the UAE rolled over its deposits worth $2 billion with the country’s central bank on the same day.

“The SBP has received SDR 528 million (equivalent to $705.6 million) in value 16th January 2024 from the IMF following the successful completion of the first review by the Executive Board of IMF under the Stand By Arrangement (SBA),” said a post of SBP on X.

The last tranche of $1.2bn under the $3bn SBA is expected in March 2024. Pakistan received $700m on Jan 11, after the IMF had completed the first review.

With the inflow of $700m, the foreign exchange reserves of the SBP would be around $8.859bn, but it would be reflected in the balance sheet of Jan 19. The reserves on Jan 5 were $8.154bn.

UAE rollovers $2bn

“UAE has confirmed rollover of its two deposits of $1 billion each placed with State Bank of Pakistan for another one year which were maturing in January 2024,” said a post of the SBP.

Published in Dawn, January 18th, 2024