Pakistan on Monday paid 22nd installment of Stand-By Arrangement (SBA) worth $147.6 million to the International Monetary Fund (IMF). As per the payment schedule, the 22nd installment of SBA worth Special Drawing Rights (SDR) 95.837 million was due on November 11, 2013. Accordingly, the State Bank of Pakistan on Monday successfully paid $147.66 million to the IMF on account of SBA installment. This payment has been made by the SBP from its reserves.
Sources said the paid amount is alone an installment of the principal amount, while the interest on the SBA is already being paid by the central bank on a quarterly basis. Another repayment worth SDR 17.22 million of Extended Credit Facility (ECF) to the IMF is due today (Tuesday). Despite the fact that the country is facing a serious challenge of depleting forex reserve, it paid due amount to the IMF. Followed by rising debt payments the country's forex reserves are gradually depleting and fell to $9.5 billion ($4.2 billion of SBP and $5.2 billion of banks) as on November 1, 2013.
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