ISLAMABAD: Pakistan has received a Special Drawing Right (SDR) of around 1.03 billion U.S. dollars from the International Monetary Fund (IMF), the State Bank of Pakistan (SBP) said on Friday.
The inflows will be reflected in the SBP’s liquid reserves, which will be released on Oct. 3, the bank said in a statement.
A day earlier, the country’s Prime Minister Shehbaz Sharif expressed appreciation for the IMF’s technical assistance and capacity-building programs, which have helped to strengthen the country’s institutions and improve its economic management, in a meeting with Kristalina Georgieva, the managing director of the IMF on the sidelines of the United Nations General Assembly in New York.
The IMF staff and the Pakistani authorities reached the staff-level agreement on a 37-month Extended Fund Facility Arrangement (EFF) of about 7 billion dollars in July this year, according to the lender.
The new program aims to support the Pakistani authorities’ efforts to cement macroeconomic stability and create conditions for stronger, more inclusive and resilient growth, the IMF said.
