Pakistan has received $700 million from the International Monetary Fund (IMF) under the Stand-By Arrangement bailout programme, the State Bank of Pakistan (SBP) said Wednesday.

“SBP has received SDR 528 million (equivalent to $705.6 million) in value 16th January 2024 from IMF following successful completion of the first review by the Executive Board of IMF under Stand By Arrangement (SBA),” the central bank stated in post on X.

It went on to add that receipts will be reflected in the SBP foreign exchange reserves for the week ending on January 19, 2024.

The IMF’s executive board on January 11 allowed an immediate disbursement of $700 million for Pakistan under the SBA, the finance ministry said.

“The Executive Board of the International Monetary Fund completed the 1st review and allows for an immediate disbursement of SDR 528 million (around US$ 700 million) bringing the total disbursements under the SBA to US$ 1.9 billion,” the ministry said in a post on X.