The State Bank of Pakistan received the final $1.1 billion tranche under the nine-month stand-by arrangement on Monday in its account from the International Monetary Fund, the central bank said on Tuesday.
“The amount shall be reflected in SBP’s foreign exchange reserves for the week ending on 3rd [of] May 2024,” the SBP said in a statement.
This came after Pakistan completed its nine-month economic reform programme supported by the IMF. In a statement on Monday, the Fund acknowledged Pakistan’s progress in achieving economic stability.
The programme, aimed at addressing domestic and external imbalances, has yielded positive results, including moderate economic growth, improved fiscal position, and increased foreign exchange reserves, according to the lender.
The IMF commended Pakistan’s efforts in achieving a primary surplus, exceeding initial projections, and stabilizing the energy sector. However, it emphasized the need for continued policy commitment to ensure long-term economic stability and inclusive growth.
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“Achieving strong, long‑term inclusive growth and creating jobs require accelerating structural reforms and continued protection of the most vulnerable through an adequately‑financed Benazir Income Support Program.
Priorities include advancing the reform of state-owned enterprises (SOEs), including to ensure that all SOEs fall under the new policy framework; strengthening governance and anti‑corruption institutions; and continuing to build climate resilience,“ said Antoinette Sayeh, the deputy managing director and chair.
