Pakistan secured $5bn in deposits from Saudi Arabia, $4bn from China, and $3bn from the UAE. An additional condition from the IMF required Pakistan to obtain $2bn in external funding from bilateral and commercial sources.
In a press release, the central bank said, “Following the approval of the IMF Executive Board of 37-month Extended Fund Facility amounting to US $7 billion, SBP has received the first tranche of SDR 760 million, equivalent to USD 1026.9 million, from the IMF today.”
It added these inflows will be reflected in SBP liquid reserves to be released on Thursday October 03, 2024.
Despite a loan package approved by the International Monetary Fund (IMF) on the government’s request, the Pakistan Stock Exchange (PSX) continued with bearish trend as its KSE-100 Index depreciated by 365.83 points on Friday.
Following the negative change of 0.45 percent, the index closed at 81,292.13 points against 81,657.97 points on the last working day.
Yesterday, the index declined 0.72 per cent and closed at 81,657.96 points from the previous close of 82,247.91 points.
The Prime Minister’s Office (PMO) said that the premier expressed his satisfaction with the programme’s approval.
“The implementation of economic reforms is going on rapidly,” he said in the statement. he added that the government would continue to work hard to achieve goals related to economic development after achieving economic stability.
He maintained that the increase in business activities and investment in the country was “welcome and a testament to the hard work of the economic team”.
He noted, “Along with the successes on the diplomatic front, the increase in remittances from Pakistanis living abroad is a reflection of their confidence in the government’s policies.” He said that the government was grateful to the Pakistani community.
“If the same hard work continues, God willing, this will be Pakistan’s last IMF programme,” he said.
He also thanked Saudi Arabia, China, and the UAE for their support regarding the package, as well as IMF Managing Director Kristalina Georgieva and her team.
