ISLAMABAD: With the inclusion of $500 million tranche from the International Monetary Fund (IMF) in the last week of the current month, the country’s foreign exchange reserves will likely to touch $18 billion benchmark.
According to the sources, the executive board of the IMF would meet on June 26 to consider its mission report on Pakistan’s 7th review under the Extended Fund Facility programme and will likely to approve the $506 million tranche.
Pakistan had already received $3.5 billion from the Fund in six tranches since September 4, 2013. The inflow of 7th tranche would further build-up the reserves of the country and might touch $18 billion benchmark. According to the State Bank of Pakistan, the country’s overall foreign exchange reserves are $17.44 billion wherein central bank reserves are $12.31 billion and commercial bank $5.13 billion.
