Rupee continues upward trend against dollar

$4.2 billion credited to Pakistan in 3 days

Coordinator to Prime Minister on Economy and Energy Bilal Azhar Kayani on Thursday said that $4.2 billion have been credited to Pakistan in last 3 days from Saudi Arabia, United Arab Emirates (UAE), and the International Monetary Fund (IMF).

Giving breakup figures, the coordinator tweeted that $2 billion were received from Saudi Arabia, $1 billion from UAE and $1.2 billion from IMF.

He said that Minister for Finance and Revenue Senator Mohammad Ishaq Dar has shared that State Bank of Pakistan has received US $1.2 billion from IMF, following the approval of the US$3 billion Stand-By Arrangement (SBA) by the IMF Executive Board the previous day . 

He said that remaining amount of $1.8 billion would be credited in 9 months, following two quarterly reviews.

He said more inflows were expected from multilateral development partners including World Bank (WB), Asian Infrastructure Investment Bank (AIIB) and Islamic Development Bank (IDB), which would further improve country’s foreign exchange reserves, he added.

“FM @MIshaqDar50 has just announced that US$1.2 billion have been received from the IMF in @StateBank_Pak, following the approval of the US$3 billion Stand-By Arrangement (SBA) by the IMF Executive Board yesterday. The remaining amount ($1.8 billion) will be phased over the program’s duration (9 months), following two quarterly reviews.

With this inflow, Pakistan has now received a total of $4.2 billion from Saudi Arabia, UAE, and the IMF over the last 3 days:- Saudi Arabia: $2 billion; – UAE: $1 billion; IMF: $1.2 billion.

More inflows are expected from multilateral development partners (including WB, AIIB, IDB) in the coming weeks and months, which will further improve Pakistan’s foreign exchange reserves”, he tweeted.

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