The second tranche of funding from the International Monetary Fund (IMF) under the Extended Fund Facility (EFF) programme has been received by the State Bank of Pakistan (SBP).
According to an official statement issued by the central bank, Pakistan has received Special Drawing Rights (SDR) 760 million, equivalent to $1.023 billion, as part of the second instalment under the EFF agreement.
The funds were disbursed following the approval of the IMF Executive Board on May 9, after a scheduled review of Pakistan’s economic performance.
The SBP said the received amount will be reflected in the country’s foreign exchange reserves for the week ending May 16.
The disbursement follows the recommendation of the IMF’s review mission, which assessed Pakistan’s economic progress before endorsing the tranche release.
This is a developing story and is being updated with more details.