First tranche of $1.2 billion from IMF transferred to Pakistan, says Ishaq Dar

Finance Minister Ishaq Dar said on Thursday that out of total $3 billion that the International Monetary Fund’s (IMF) Executive Board had approved for Pakistan in loan under the staff level agreement, the country had already received the first tranche of $1.2 billion, reported 24NewsHD TV channel.

Talking to media in Islamabad, he said that following the transfer of the amount to the State Bank of Pakistan (SBP)  and a deposit of $2bn made by Saudi Arabia and another $1bn received from the United Arab Emirates (UAE)., the bank reserves had increased by $4.2 billion in just one week. 

He further said that Prime Minister Shehbaz Sharif had played an important role in talks with the IMF.

He did not forget to praise his economic team either, which, he said, supported him throughout the complicated process.

Dar said that Pakistan would receive $1.8 billion after two reviews.   

He said that with the transfer of huge amounts of money, the country’s reserves would improve. “Tomorrow, on July 14, the reserves will stand at $14 billion,” he informed.

The minister hoped that the country would soon be put on the path to progress.