The State Bank of Pakistan (SBP) announced on Friday that it has received the much-anticipated first tranche of Special Drawing Rights (SDR) worth 760 million, equivalent to USD 1.03 billion, from the International Monetary Fund (IMF).
In a statement, the SBP said, “Following the approval of the IMF Executive Board of a 37-month Extended Fund Facility amounting to US$7 billion, the State Bank of Pakistan (SBP) has received the first tranche of SDR 760 million (equivalent to USD 1.03 billion) from the IMF today.”
The central bank confirmed that these inflows would be reflected in the SBP’s liquid reserves, which are scheduled to be released on Thursday, October 3, 2024.
The IMF’s Executive Board granted approval for the 37-month, $7 billion Extended Fund Facility (EFF) for Pakistan on Wednesday, marking a significant financial lifeline for the country.
Pakistan and the IMF initially reached a staff-level agreement on the EFF, worth SDR 5,320 million (roughly USD 7 billion), on July 12, 2024, paving the way for today’s disbursement.
