Letter of Intent IMF

State Bank of Pakistan (SBP) on Wednesday took to twitter to confirm that it received the proceeds of USD 1.16 billion (equivalent of SDR 894 million) from the global lender (IMF). The proceeds came two days after the executive board of global lender approved the sixth and seventh review under Extended Fund Facility.

Read more: IMF Executive Board revives the Extended Fund Facility Programme for Pakistan

“Today, SBP has received proceeds of USD 1.16 billion (equivalent of SDR 894 million) after the IMF Executive Board completed the combined seventh and eight review under the Extended Fund Facility (EFF) for Pakistan,” the central bank revealed on its official Twitter handle.

“This will help improve SBP’s foreign exchange reserves and will also facilitate realisation of other planned inflows from multilateral and bilateral sources.” – SBP Added.

The IMF executive board in earlier meeting had also waived off the conditions that Pakistan could not meet during January-June 2022 period. With the fresh approval, the disbursement under EFF would increase to $3.9 billion and the balance of $2.6 billion would be left to be further disbursed that will be disbursed till June next year. The next IMF review will now take place in November to take stock of the performance of Pakistan’s economy for the July-September 2022 period.

 

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