Pakistan receives first tranche of $991.4mln under EFF

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ISLAMABAD, Jul 10 (APP):The State Bank of Pakistan (SBP) received first tranche of $991.4 million from the International Monetary Fund (IMF) under Extended Fund Facility (EFF) to help the country reduce economic vulnerabilities and generate sustainable and balanced growth.

“The SBP has received IMF first tranche of $991.4 million which is equivalent to SDR 716 million,” said SBP Chief Spokesman in the wee hours of Wednesday.

The IMF on July 3 had approved a loan of $6 billion for Pakistan, a 39-month extended arrangement, to support the country’s economic reform programme.

After approval of the loan under EFF by the Executive Board of IMF, Pakistan was eligible to immediately receive first tranche of $1 billion.