ISLAMABAD: Pakistan foreign currency reserves on Monday crossed the $15-billion-mark after the country received $1.05 billion from the IMF under three-year Extended Fund Facility, said Finance Minister Ishaq Dar.

Briefing Prime Minister Nawaz Sharif here on Monday, he said that out of the total forex reserves, $10bn was held by the State Bank of Pakistan (SBP) and the rest by commercial banks.

The premier congratulated the finance minister and his team for initiating good and prudent economic polices.

The IMF released these funds after the fourth and fifth reviews of the country’s economic performance completed last week.

The conclusion of the review enabled the release of an amount equivalent to SDR 720 million ($1.05bn) which brought the total disbursements under the arrangement to SDR 2.2bn ($3.2bn).

Published in Dawn December 23th , 2014