1.1 billion dollars transferred from IMF to State Bank account

Karachi: The IMF transferred $1.1 billion to the State Bank account under the loan agreement, the State Bank confirmed.

According to the State Bank of Pakistan, the Executive Board of the IMF completed the second review under the Standby Arrangement and approved an amount of SDR 828 million for Pakistan.

The State Bank received 828 million SDRs or about $1.1 billion in its account from the IMF.

Also read: The IMF has approved a $1.1 billion tranche

Funds received from the IMF will appear in the State Bank’s foreign exchange reserves during the week ending May 3, 2024.

Related: Pakistan must adhere to fiscal targets while providing relief to vulnerable sections, IMF