July 13, 2023 (MLN): The State Bank of Pakistan (SBP) has received the first installment of $1.2 billion from the International Monetary Fund (IMF), Federal Minister for Finance Muhammad Ishaq Dar said while addressing the media.

The remaining $1.8bn will be received after 2 reviews, in November of this year and February 2024.

The total country's reserves for this week will stand at around $13-14bn.

To note, as of June 30, 2023, the country's total reserves stood at $9.75bn.

This inflow comes on top of a $1bn deposit from the United Arab Emirates (UAE) yesterday, and a $2bn deposit from Saudi Arabia on Tuesday.

Ishaq Dar extended his gratitude and thanked Prime Minister Shehbaz Shareef to close this deal with the IMF successfully.

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Posted on: 2023-07-13T13:34:15+05:00