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IMF deposits $1.2bn in SBP: Ishaq Dar

  • During the week, Pakistan has received $4.2bn from different avenues including Saudi Arabia, UAE, and the Washington-based lender
  • SBA with IMF will now see two more reviews - in November and February
Published July 13, 2023

The International Monetary Fund (IMF) has deposited $1.2 billion into the State Bank of Pakistan (SBP), announced Finance Minister Ishaq Dar on Thursday, another much-needed boost to the economy reeling from dollar shortage and runaway inflation.

“I would like to share the information that the IMF has deposited $1.2 billion upfront payment in the account of SBP,” said Dar in a news briefing.

“Last night, the IMF Executive Board approved the Stand-By Arrangement (SBA).

“Under the agreement, Pakistan received an instalment of $1.2 billion and the remaining $1.8 billion would be disbursed after two reviews, which will be held in November and February.

“This would boost foreign exchange reserves, and after this week’s closing on Friday, SBP reserves would have increased by $4.2 billion,” he said.

“I also expect Pakistan’s reserves will close at $14 billion tomorrow,” he said.

Dar lauded the role of Prime Minister Shehbaz Sharif over his engagement with the IMF, which resulted in the inking of an SBA.

“The SBA has been limited to nine months, so a new government formed after elections can make its own decisions.”

“I believe that Pakistan is moving on a positive trajectory and we need to consolidate these gains,” he added.

Saudi Arabia deposits $2bn in SBP: Ishaq Dar

The development comes after the IMF’s Executive Board on Wednesday approved a nine-month Stand-By Arrangement (SBA) for Pakistan for an amount of $3 billion. The Board’s approval allows for immediate disbursement of SDR894 million (or about US$1.2 billion).

The Fund stated that Pakistan’s’ economic reform programme aims to support immediate efforts to stabilise the economy and guard against shocks while creating the space for social and development spending to help the people of Pakistan.

Pakistan, which has been teetering on the edge of default due to an acute foreign currency shortage, also got $1 billion from the United Arab Emirates and $2 billion from Saudi Arabia earlier this week.

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Aqib Jul 13, 2023 02:05pm
Tu-ulu-kan-mai-randy getting heart attack
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khan riaz ahmed Jul 13, 2023 02:15pm
IMF or no IMF, it is not the solution, just a makeshift arrangement, only solution is in our own hands, we need to set our house in order. Pakistan can't get out of financial crises unless and until we get rid of government involvement in services providing companies (like power and gas sector and operating airlines and mills) and enforcement of stringent law for tax evasion and smuggling. i may add that at the moment all collector involves in these sectors are the culprits of not enforcing the revenue collection system even telling the people/companies how to plunder in government dues.
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Tulukan Mairandi Jul 13, 2023 02:22pm
Loan repayments due this month: $3.6Bn
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Najeeb Sadiq Jul 13, 2023 02:31pm
The most critical question is what is likely to happen after nine months.Will our exports be increased substantially to support our imports or will the foreign remittances by Pakistani increase significantly.In the absence of well- deliberated and defined economic policies and dysfunctional governance processes, economic growth seem to be a dream and mirage.Let' hope for a better out come.
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Zaheer Chishti Jul 13, 2023 03:01pm
The dirt created by imran khan niazi is now removed. Lets hope the country will move forward with a better pace now
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Johnny Walker Jul 13, 2023 03:27pm
Now Dar will go backtrack on most of the promises made to IMF. He cannot change his habits.
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Divide People Jul 13, 2023 05:09pm
How all the world best and big companies sell their scrap and expired goods in India. In response they praise india and it's Govt and appreciate it. In simple word they dumped their products in India.
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Adnan Aziz Jul 13, 2023 05:20pm
The same old story, repeated time and again, for the last nearly 80 years. We have lost the capacity to learn. Nothing can change here till we rationalize ourselves. However, we have sworn never to change. This is what Mirza Ghalib wrote for us. قرض کی پیتے تھے مے، لیکن سمجھتے تھے کہ ہاں ر نگ لا وے گی ہماری فا قہ مَستی ایک دِن
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Manzoor Jul 13, 2023 05:53pm
Clueless...and compromised....have wrecked the future of Pakistan...selfish morons...
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Sajjad Ilyas Jul 14, 2023 04:10am
Why Ishaq Dar sell his billion dollar company known as HDS Dubai and bring that investment in Pakistan.
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