28/11/2008
|
IMF's $3.1bn arrives in SBP vault
|
|
KARACHI: The State Bank of Pakistan Thursday said it has received the first tranche of loan approved by the International Monetary Fund (IMF) for Pakistan. The tranche received amounts to $3.1 billion.
The IMF approved a loan of $7.6 billion to help the country avert a balance of payments crisis. The fund had announced that Pakistan will get immediate access to $3.1 billion under the 23-month IMF facility, and rest will be phased in subject to quarterly reviews.
The package means Pakistan will avert a balance of payment crisis and be able to cover an international sovereign bond maturing in February.
Spokesman of the State Bank Syed Wasimuddin said the central bank received the first tranche and it would be reflected in official data next week.
The latest foreign reserve data will be announced later in the day but that will be for the week that ended on Nov 22, the spokesman said on Thursday. -Reuters
|
|