According to the SBP sources, the foreign exchange reserves have risen to $9 billion after the receipt of the IMF’s final tranche under the SBA.

The IMF executive board had approved the release of the third and final tranche of $1.1 billion after completing the second review of the nine-month $3 billion SBA.

Earlier, Prime Minister Shehbaz Sharif expressed his satisfaction over the approval of $1.1 billion worth of the final tranche by the IMF executive board.

PM Shehbaz said in a statement that Pakistan Muslim League-Nawaz (PML-N) Quaid Nawaz Sharif had completed the IMF programme in 2016, adding that the current Stand-by Arrangement with the IMF was the second programme that was near completion.

The prime minister underscored the significance of the IMF programme in saving Pakistan from economic default, stating that the government’s tough decisions were proving fruitful in ensuring economic stability.

“The Almighty has given us the opportunity to improve the economic conditions in the country. We will make all-out efforts to bring about economic stability. The real success is to get rid of loans,” he remarked.

The premier also appreciated Finance Minister Muhammad Aurangzeb and his team, saying that economic prosperity would soon arrive in the country if efforts in the right direction continued.

Shehbaz Sharif also thanked the IMF managing director for supporting Pakistan in difficult times.