Dar says IMF has transferred $1.2bn to SBP’s account

Finance Minister Ishaq Dar said on Thursday that the International Monetary Fund (IMF) had transferred $1.2 billion to the central bank’s account. He made the remarks while addressing the media a day after the global money lender approved a $3 billion loan agreement for Pakistan, unlocking crucial funding for the troubled economy. The board approved the bailout package for the country for an amount of $2.25bn Special Drawing Rights (SDRs) — reserve funds that the institution credits to the accounts of its member nations, the IMF said in a statement. This amounts to about $3bn, or 111 per cent of Pakistan’s quota, it said. In his address, Dar noted that the IMF’s Executive Board had approved the standby agreement with Pakistan (SBA). He also noted that this was a nine-month programme under which Islamabad would receive $3bn. He said that when the SBA was finalised, it was decided that $1.2bn would be given upfront while the “balance amount” of $1.8bn would be handed over after two reviews in November and February.