During the week ended on 30-Jun-2022, SBP’s reserves decreased by $493million to $9.82 billion due to external debt and other payments.
Pakistan has reached a staff-level agreement with the InternationalMonetary Fund (IMF) to resume its loan programme, reported Bloomberg onWednesday, quoting a government official familiar with the matter.
A $1.2-billion disbursement is expected in August after the IMF’smanagement gives final approval, the official, asking not to be identifiedbefore a formal announcement, was quoted as saying.
Business Recorder reached out to the IMF resident representative and thefinance ministry, but did not receive a reply till the filing of thisreport.
However, reports indicate a formal announcement on Pakistan’s Extended FundFacility (EFF) would be made soon.
The revival of the programme is crucial for Pakistan that has seen itsforeign exchange reserves fall relentlessly with import cover currentlystanding at less than two months.
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At the same time, the rupee has consistently lost value against the dollar,and closed at 210.1 on Wednesday after falling another 1.04%.
Meanwhile, the Bloomberg report added that the Washington-based lender hasalso agreed to increase the loan programme size by $1 billion, taking it toa total of $7 billion, and extend it through June 2023.
Finance Minister Miftah Ismail had earlier said that Islamabad hasrequested the IMF to increase the size and duration of its $6-billionprogramme.
