IMF lends $1.2 billion to Pakistan: Dar

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In Karachi. Under the Stand-By Agreement, Pakistan has received a much-needed $1.2 billion loan tranche from the International Monetary Fund (IMF), supporting the nation's foreign exchange reserves and assisting the local currency in strengthening versus the US dollar.

The crisis-hit nation got money when the IMF executive board approved a $3 billion Stand-By Agreement (SBA) following months of negotiations. However, Islamabad and the US-based lender were able to achieve a staff-level understanding, gaining a short-term arrangement.

Finance Minister Ishaq Dar stated that more tranches will be disbursed after two reviews following a fresh disbursement and that the central bank has received the remaining funds.

The Finance Minister stated that the much-needed money will help to improve the nation's dwindling foreign exchange reserves, adding that State Bank reserves increased by almost $4.2 billion this week as a result of Saudi Arabia's $2 billion deposit and the United Arab Emirates' (UAE) $1 billion contribution.

Finance Minister Ishaq Dar stated that more tranches will be disbursed after two reviews following a fresh disbursement and that the central bank has received the remaining funds.

The Finance Minister stated that the much-needed money will help to improve the nation's dwindling foreign exchange reserves, adding that State Bank reserves increased by almost $4.2 billion this week as a result of Saudi Arabia's $2 billion deposit and the United Arab Emirates' (UAE) $1 billion contribution.

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