Pakistan got the first instalment of $1.2 billion under the SBA program from the International Monetary Fund (IMF).
Pakistan receives first tranche from IMF: Following the signature of the staff-level agreement last month, the International Monetary Fund (IMF) authorised a $3 billion loan for Pakistan on Wednesday night.
Ishaq Dar, the finance minister in Islamabad, acknowledged in a televised speech that the International Monetary Fund (IMF) had sent $1.2 billion to the State Bank of Pakistan.
Dar announced that there would be two installments and that they would reveal the remaining $1.8 billion after conducting two reviews.
He said that the increase in Pakistan’s foreign reserves over the past four days was due to Saudi Arabia’s $2 billion deposit and the United Arab Emirates’ (UAE) $1 billion contribution.
He stated that Pakistan is now back on the path to wealth and progress.
Additionally, Ishaq Dar noted that Prime Minister Shehbaz Sharif was crucial in negotiating the agreement with the IMF and that the economic team had given him their entire support throughout the challenging procedure.
The finance minister stated that the nation was making progress on its path to growth but emphasised that everyone would need to pitch in to keep going.