KARACHI, Pakistan News: Pakistan has received a fifth tranche, amounting to $1.13 billion, of a $10.66 billion International Monetary Fund (IMF) loan, said Syed Wasimuddin, chief spokesman of State Bank of Pakistan (SBP) on Wednesday.
“We received $1.13 billion from the IMF, and this amount will be reflected in foreign exchange reserve data released next week,” said Syed Wasimuddin.
The IMF’s board agreed to release the $1.13 billion in aid for Pakistan and waive some of its requirements at a review last Friday.
Including the latest disbursement, Pakistan has drawn about $7.27 billion of the loan.
Pakistan’s foreign exchange reserves rose to $15.36 billion in the week that ended on May 7. They set a record high of $16.5 billion in October 2007 but fell steadily to $6.6 billion by November 2008.
Pakistan had asked for a waiver on some of its targets, including its quarterly budget deficit and on net government borrowing limits from the State Bank of Pakistan.
The IMF approved the requests but said Pakistan’s economy remained highly vulnerable, and listed worries ranging from persistent inflation to security-related spending pressure.
It turned to the IMF in November 2008 for an emergency package to avert a balance of payments crisis and shore up reserves.
The rupee firmed to 84.36/46 to the dollar in early trade on Wednesday compared with Tuesday’s close of 84.52/57.
Dealers said the rupee might strengthen in the short-term because of the fifth IMF tranche but it was expected to weaken in the medium-term because of pressure from import payments.
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