December 29 2009
Pakistan has received $1.2 billion from the IMF, representing the fourth tranche of the IMF bailout package to meet its current account deficit and debt payment obligations. Sources said the IMF transferred the first tranche into the State Bank of Pakistan’s (SBP) account in New York between Monday and Tuesday night, primarily aimed to save the country from a defaulting.
After receiving the tranche, the country's foreign exchange reserves have surged to around $15 billion. However the SBP will release accurate figures next week. "Yes, the central bank has received the fourth installment worth $1.2 billion from the IMF as a long-term loan," confirmed Syed Wasimuddin, SBP spokesman. So far Pakistan has received $6.5 billion from the IMF.
The IMF bailout package is to be disbursed over a period of 23 months and has been enhanced to $11.3 billion on Pakistan’s request. The next installment of worth approximately $1.2 billion is expected in April 2010. |
