After IMF Deposit Pakistan Expect Another $2.6 Billion in Financing
Following the receipt of a $1.2 billion deposit from the International Monetary Fund (IMF), Bloomberg reported that Pakistan has now gained access to an additional $5.6 billion in credit.
According to Nathan Porter, the IMF’s mission chief in Pakistan, in an email response to Bloomberg, the additional funds total $3.7 billion in bilateral commitments from countries including Saudi Arabia and the United Arab Emirates, with $3 billion already dispersed.
Read more: Pakistan Receives $1 Billion From UAE
According to him, the most recent IMF deposit into the State Bank of Pakistan is $400 million more than would have been feasible under the earlier programme.
In addition to the aforementioned, more inflows from multilateral partners such as the World Bank, Asian Infrastructure Investment Bank, and Islamic Development Bank are anticipated in the upcoming weeks and months, according to Prime Minister’s Economic Coordinator Bilal Kayani in a tweet.
In addition, Pakistan will receive an additional $1.8 billion from the IMF as part of its $3 billion Stand-By Arrangement (SBA), subject to two reviews. The initial $1.2 billion payment was already sent to the central bank earlier this week.
Read More: IMF Board Approves $3 Billion Stand-by Arrangement for Pakistan
The IMF tranche will increase the SBP’s foreign exchange holdings above $8.5 billion, in addition to prior payments of $1 billion from the United Arab Emirates and $2 billion from the Kingdom of Saudi Arabia. The central bank market bulletin for the next week is anticipated to include the new forex level.
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