Pakistan receives $1.2 billion from IMF

Islamabad: Pakistan has received the first installment of Rs1.2 billion dollars under the loan program from International Monetary Fund (IMF).

While addressing a press conference in Islamabad today (Thursday), Federal Finance Minister Ishaq Dar said: “IMF has transferred the first installment of Rs1.2 billion dollars to the State Bank of Pakistan (SBP).

Finance Minister Ishaq Dar added that Pakistan will get 3 billion dollars under the IMF program which is for 9 months.

It is expected that our total foreign exchange reserves will be between 13 and 14 billion dollars, he added.

He continued to say that this week, the State Bank's reserves have increased by $4.2 billion dollars. In this regard, the Bank will issue its report. While the remaining Rs1.8 billion dollars of the loan program will be given received after two review reports.

Ishaq added: “The role of Prime Minister Shehbaz Sharif has been important in the talks with IMF,” apart from him, the economic team of the government has also given full support in the difficult journey.

It should be noted that the Executive Board of IMF has approved three billion dollar loan program for Pakistan.

According to IMF statement, 1.8 billion dollars will be scheduled in November and February after re-evaluations. Pakistan has to stick strictly to the agreed policies. The economic reform program in Pakistan is to provide immediate support to the economy. It will help Pakistan's economy to overcome internal and external imbalances.