A Pakistani currency dealer counts US dollars at a currency exchange shop. – AFP (File Photo)

KARACHI, Oct 1: The State Bank has paid another installment of IMF debt that reduced the debt burden but also cut the size of foreign exchange reserves.

The State Bank said on Monday that it paid $109.4 million to the IMF which was the fifth such payments that started last year.

The Bank said it has so far paid a total amount of $1.402 billion to the IMF which had provided about $7 billion under Standby Agreement. The agreement was initially for a loan of $11 billion but Pakistan failed to remain on track suggested by the IMF as a condition to continue providing loans. The agreement was discontinued.

The next installment of 258 SDR is due in November. Pakistan hopes to pay back entire loans to the IMF despite a huge current account deficit of $.4.6 billion in FY12.

Now you can follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Road to perdition
Updated 01 Feb, 2023

Road to perdition

This is also the time of reckoning for those who sowed the seeds of a disastrous policy against militants.
Transport tragedies
01 Feb, 2023

Transport tragedies

TWO tragedies over the weekend illustrate the weak protocols governing the safety of transport in Pakistan. In fact,...
Disqualifying Jam Awais
01 Feb, 2023

Disqualifying Jam Awais

IT appears that there may be some kind of small punishment after all for PPP lawmaker Jam Awais, who was pardoned ...
Police Lines bombing
Updated 31 Jan, 2023

Police Lines bombing

Where the menace of terrorism is concerned, the government and opposition need to close ranks and put up a united front.
Oil price hike
31 Jan, 2023

Oil price hike

THE record single-day increase in petrol prices, preceded by massive currency depreciation, signifies the ...
Babar Azam’s award
31 Jan, 2023

Babar Azam’s award

BABAR Azam might not have lifted many trophies as Pakistan’s all-format captain in the last year but the star...