Pakistan gets $3.1bn first tranche of IMF loan

Pakistan gets $3.1bn first tranche of IMF loan

The country received its first tranche of $3.1 bn of IMF loan yesterday as per the spokesman of SBP. This will help to shore up the forex reserves which as per the week ended November 22nd has declined to $6.6 billion. The inflow will help stabilize the Rupee Dollar parity and will give enough liquidity to ensure that the country is able to meet its external obligations for some months to come. However as per the IMF the country needs in excess of $13 billion in the current fiscal to meet its external obligations including the yearly debt services of around $3.5 billion. IMF has pledge around $4.7 billion for the current fiscal while the rest of the amount the Fund envisages will be met by other bilateral and donor institutes.