Pakistan-IMF deal: Dar says Saudi Arabia has deposited $2bn in SBP account<\/a><\/em><\/strong><\/p>\nThis inflow will increase Pakistan’s foreign exchange reserves, he said, noting that during the ongoing week, the central bank’s reserves have moved up by around $4.2 billion.<\/p>\n
“Our foreign exchange reserves will close at around $13-$14 billion on July 14 […] and the SBP will release the exact numbers later on,” the finance minister said, as he thanked Prime Minister Shehbaz Sharif for his efforts in securing the programme.<\/p>\n
The prime minister played a key role in convincing the IMF to agree to the new programme as he repeatedly interacted with the lender’s chief in Paris and on phone calls.<\/p>\n
In a statement, the IMF said its executive board gave the green light to the nine-month standby arrangement in order “to support the authorities’ economic stabilization program.”<\/p>\n
“Pakistan is on the road to development […] we must all make efforts to make gains through this,” Dar added.<\/p>\n
The South Asian nation has suffered from a balance-of-payments crisis as it attempts to service crippling external debt amid a fraught political environment \u2014 following the removal of the country’s former prime minister Imran Khan.<\/p>\n
Inflation has rocketed, the rupee has reached a record low against the dollar, and the country is struggling to afford imports, causing a severe decline in industrial output.<\/p>\n
Pakistan has brokered close to two dozen arrangements with the IMF, most of which have gone uncompleted.<\/p>\n
In the days before the decision was approved, Pakistan received $3 billion in deposits from Saudi Arabia and the United Arab Emirates.<\/p>\n
The money from the two Gulf countries boosted Pakistan’s foreign reserves to $7.5 billion \u2014 more than double last week’s account balance.<\/p>\n","protected":false},"excerpt":{"rendered":"
The International Monetary Fund (IMF) has deposited $1.2 billion into the State Bank of Pakistan’s (SBP) account, boosting the cash-strapped nation’s hope for economic stability, as it teetered on the brink of default for several months. The IMF’s executive board late last night approved a $3 billion Stand-By Agreement (SBA) under a nine-month programme, which […]<\/p>\n","protected":false},"author":8,"featured_media":12473,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,2],"tags":[5423,427,422,1117,160,138],"class_list":["post-17792","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-pakistan","tag-ishaq-dar","tag-saudi-arabia","tag-uae","tag-united-arab-emirates","tag-imf","tag-pakistan"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/17792","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=17792"}],"version-history":[{"count":0,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/17792\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/12473"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=17792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=17792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=17792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}