These inflows will be reflected in SBP liquid reserves to be released on Thursday September 3O, 2024
\n Islamabad
\nState Bank of Pakistan (SBP) on Friday received the first tranche of SDR 760 million (equivalent to $1.0269 billion) from the International Monetary Fund (IMF) under the $7 billion Extended Fund Facility (EFF).
\nThe IMF Executive Board approved a 37-month programme on Wednesday.
\nThese inflows will be reflected in SBP liquid reserves to be released on Thursday, September 30, 2024, the central bank said in a statement.
\nFollowing the long-awaited approval, the IMF said the new programme would require \u201csound policies and reforms\u201d to strengthen macroeconomic stability and address structural challenges alongside \u201ccontinued strong financial support from Pakistan\u2019s development and bilateral partners\u201d.
\nPakistan had been working on implementing conditions deemed \u201cstrict\u201d to complete the loan programme agreed to in July, which Prime Minister Shehbaz Sharif time and again hoped would be Pakistan\u2019s last.
\nThough, the country\u2019s economy has stabilised since it came close to defaulting last summer, it is dependent on IMF bailouts and loans from friendly countries to service its huge debt, which swallows up half of its annual revenues.
\n\u201cThere will be transitional pain, but if we are to make it the last programme, then we have to carry out structural reforms,\u201d Finance Minister Muhammad Aurangzeb told Geo News in an exclusive talk.
\nThe IMF said in a statement it would issue an \u201cimmediate disbursement\u201d of around $1 billion.
\n\u201cThis past year has seen a very welcome return to economic stability in Pakistan,\u201d IMF Pakistan mission chief Nathan Porter told reporters on Thursday. \u201cThe challenge confronting Pakistan now is to move beyond this renewed sense of stability and towards stronger and sustained growth, with its benefits shared more broadly and evenly across society,\u201d he added.
\nSpeaking on the sidelines of the United Nations General Assembly in New York on Wednesday, Prime Minister Shehbaz Sharif said the deal came through thanks to the \u201ctremendous support\u201d of Saudi Arabia, China and the United Arab Emirates.
\n\u201cIn the final phase (of negotiations), the IMF\u2019s conditions were related to China. The way the Chinese government supported and strengthened us during this time is something I am truly grateful for,\u201d he told reporters shortly before the deal was announced.<\/p>\n","protected":false},"excerpt":{"rendered":"
These inflows will be reflected in SBP liquid reserves to be released on Thursday September 3O, 2024 Islamabad State Bank of Pakistan (SBP) on Friday received the first tranche of SDR 760 million (equivalent to $1.0269 billion) from the International Monetary Fund (IMF) under the $7 billion Extended Fund Facility (EFF). The IMF Executive Board […]<\/p>\n","protected":false},"author":2,"featured_media":377848,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-433886","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news"},"yoast_head":"\n