ISLAMABAD: The Executive Board of the International Monetary Fund (IMF), after completing the sixth review of Pakistan’s economic performance, has approved to release seventh tranche worth of $501.4 million for Pakistan under the 36-month programme supported by an Extended Fund Facility (EFF) arrangement.
After the Board’s decision, the $501.4 million tranche will be released immediately, bringing total disbursements under the arrangement to about $3.5 billion. On September 4, 2013, the Executive Board approved the three-year extended arrangement under the EFF in the amount of SDR 4.393 billion (about $6.12 billion, or 425 percent of Pakistan’s quota at the IMF).
The upcoming seven tranche worth of $501.4 million would also increase the country’s foreign exchanges reserves. The country’s reserves currently stood at $16.13 billion wherein State Bank of Pakistan’s reserves are $11.07 billion and commercial banks $5.06 billion.
