The $1.16 billion loan from the International Monetary Fund (IMF) was received by the State Bank of Pakistan on Wednesday.
The $1.16 billion loan, which the IMF approved in its seventh and eighth reviews, has been received by the central bank, according to a statement released by the SBP.
In a tweet posted on Monday, Pakistan’s Finance Minister Miftah Ismail said that the IMF board had accepted the seventh and eighth reviews of the country’s Extended Fund Facility Program (EFF).
“The resumption of our EFF enterprise has received approval from the IMF Board. According to Miftah Ismail on Twitter, we should now be receiving the 7th and 8th payments of $1.17 billion.
Additionally, the IMF Executive Board delayed the loan package for Pakistan and increased its volume from the initial $6 billion to $6.5 billion.
In a news release, the Fund stated that the combined seventh and eighth reviews of the “extended arrangement” under the Extended Fund Facility (EFF) for Pakistan were concluded by the executive board.
The announcement stated that the board’s resolution “allows for an immediate disbursement of SDR 894 million (approximately $1.1 billion), increasing total purchases for budget support under the arrangement to about US$3.9 billion.”