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Pakistan receives $550m third IMF tranche

Pakistan receives $550m third IMF tranche

KARACHI: Pakistan received the third installment amounting to $550 million of $6.5 billion Extended Fund Facility Programme from the International Monetary Fund (IMF), the State Bank said.

The SBP also said that the foreign exchange reserves during the week ended on March 21 dropped to $9.14 billion from $9.64 billion on March 14. But with the inflow of $550m from IMF the reserves have been again increased to $9.6bn.

During the week ended on March 21, the decrease in the reserves was due to external debt servicing of $248m, inclusive of $57 million repayment to IMF, and other official flows.