KARACHI: Pakistan has received $556 million as the fourth tranche from the International Monetary Fund (IMF) under the Extended Facility Fund (EFF) approved by the fund last year.
“We have got the $556 million into our foreign exchange reserves now,” a State Bank of Pakistan spokesman confirmed. Pakistan was granted the $6.8 billion IMF bailout package last year to help the country achieve economic reforms, particularly in its troubled energy sector. Pakistan’s foreign exchange reserves stood at $7.8 billion before the EFF was approved but now they have doubled to $14.8 billion. Cash-strapped Pakistan, plagued by a bloody homegrown insurgency, is battling to get its shaky economy back on track and solve a chronic energy crisis that cripples industry.
Meanwhile, total liquid foreign reserves held by the country stood at $13,990.1 billion. The break-up of the foreign reserves position is as, foreign reserves held by the SBP $ 9,033.2 million, net foreign reserves held by banks: $4,956.9m and total liquid foreign reserves is: $13,990.1 billion.
During the week ended June 27, 2014, SBP’s Liquid FX Reserves decreased by $157m to $9,033 billion compared to $9,190 billion in the previous week. During the week ending June 27, 2014, On account of external debt servicing and other official payments, SBP has made payments of $249m from its reserves which include $148m paid to IMF under the standby arrangement.
SBP received inflows from multilateral and bilateral sources amounting to $98 million.
