SBP receives $1.1 billion IMF tranche amid high hopes of economic stability
The State Bank of Pakistan (SBP) has received SDR 828 million (around $1.1 billion) from the International Monetary Fund (IMF) a day after the global lender approved the last tranche of Pakistan under the $3 billion Stand-By Arrangement (SBA). In a statement on Tuesday, the central bank said the amount would be reflected in the SBP’s foreign exchange reserves for the week ending on May 3, 2024. Last week, the SBP said its foreign exchange reserves dropped by $74 million to $7.981 billion in the week ending on April 19 because of external debt repayments. The country’s foreign reserves fell by $93 million to $13.281 billion. The reserves of commercial banks also decreased by $20 million to $5.299 billion, as per the SBP. An official statement issued by the IMF late Monday said the executive board completed the second and final review of Pakistan’s economic reform programme supported by the SBA. "The board’s decision allows for an immediate disbursement of SDR 828 million (ar...