Pakistan Pay IMF Loan

Pakistan successfully paid the 18th Installment today under IMF/SBA facility amounting to SDR 95.8 million equivalent US$145.4 million.  State Bank of Pakistan  Spokesperson confirm this news to the media.

 With repayment of current installment, Pakistan to-date has repaid to IMF SDRs 3,061 million equivalent USD 4,662 million since Jul-2011, of which SDRs 2,577 million equivalent US$ 3,918 million under SBA facility.  After the current repayment, remaining amount due under IMF/SBA until Sep-2015 is SDRs 2,359 million

Due to IMF payment Pakistan ‘s Forex reserves fast depleting . According to State Bank of Pakistan the total liquid foreign reserves held by the country stood at $ 10,326.8 million on  August, 7^th. 2013. Foreign reserves held by the State Bank of Pakistan are at 5,228.5 million and net foreign reserves held by commercial banks $ 5,098.3 million.

To repay  IMF loan and build up Forex reserves Pakistan taking fresh borrowing form the same agency. Pakistan asked for a new $5.3 billion bailout loan programmer from the International Monetary Fund on Thursday after talks with a visiting delegation from the global lender.