SBP receives fifth tranche of $1.13b from IMF

KARACHI — State Bank of Pakistan (SBP) on Wednesday had received fifth tranche of $1.13 billion from International Monetary Fund (IMF).

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Published: Thu 20 May 2010, 11:20 PM

Last updated: Mon 6 Apr 2015, 11:08 AM

This was confirmed by SBP official spokesman, Syed Waseemuddin, who said the installment has been paid as fifth tranche of standby programme by IMF following Pakistan sought assistance from the donor agency last year.

The donor agency so far had released $7.27 billion out of total amount of $11.3 billion that also boosted country’s foreign exchange reserves to top $16 billion after receiving the installment, which will be sufficient for import bill till the end of the current year. The IMF’s board agreed to release the $1.13 billion in aid for Pakistan and waive some of its requirements at a review last Friday, but made it clear that the country must impose Value Added Tax and increase prices of electricity. —

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