SBP receives $1.16bn from IMF under EFF programme

International Monetary Fund’s building in Washington. — AFP/File

The State Bank of Pakistan on Wednesday received $1.16 billion from the International Monetary Fund (IMF) under the Extended Fund Facility (EFF) for Pakistan.

The funding has been sent after the global lender’s Executive Board approved the EFF programme after months-long efforts by Pakistan’s government.

Taking to Twitter, SBP announced the development.

“Today, #SBP has received proceeds of USD 1.16 billion (equivalent of SDR 894 million) after the IMF Executive Board completed the combined seventh and Eight review under the Extended Fund Facility (EFF) for Pakistan,” the central bank tweeted.

SBP further  added that the funds will help improve “SBP’s foreign exchange reserves” and also “facilitate realization of other planned inflows from multilateral and bilateral sources”.

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