KARACHI: Pakistan is likely to receive a $ 1.17 billion loan tranche from International Monetary Fund (IMF) within six days after Executive Board’s approval, State Bank of Pakistan Acting Governor Murtaza Syed told Bloomberg TV. Executive Board of Washington-based lender is scheduled to meet on August 29 accordingly, analysts expect Fund to give its final approval as Pakistan has met all prior conditions necessary to revive stalled loan programme. Acting Governor said that country’s forex reserves will shore up to $ 16 billion by end of current fiscal year 2022-23 which dropped to $ 8 billion due to delay in revival of IMF agreement and external flows.

“Pakistan has commitments of $ 38 billion so we are over financed,” he said, adding that approvals of bilateral help will materialise soon, amounting to $ 4 billion, while current account deficit is expected to clock in at around 3 percent of gross domestic product. Pakistan has approached China, Saudi Arabia, Qatar and UAE to meet financing gap on IMF’s demand.

Published in The Daily National Courier, August, 24 2022

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