KARACHI – The State Bank of Pakistan SBP has benefited greatly from the International Monetary Fund’s (IMF) allocation of SDR 828 million or almost $1.1 billion.
The foreign exchange reserves of SBP are expected to be boosted by this funding infusion for the week ending May 3, 2024.
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Following the conclusion of the second review conducted under the Stand-by Arrangement (SBA) during the IMF Executive Board meeting on April 29, 2024, the approval was granted.
An additional significant step forward in Pakistan’s economic reform process was taken when the Board approved the payment of SDR 828 million to the country.
The IMF’s confidence in Pakistan’s economic reform initiatives and its dedication to promoting the country’s economic stability and progress are highlighted by this sizeable cash infusion.
The money is anticipated to give Pakistan’s economy the much-needed stability it needs to handle its budgetary issues and pursue sustained growth.