KARACHI: Pakistan on Friday successfully made payment of third instalment worth $107.6 million of Stand-By Arrangement (SBA) programme to the International Monetary Fund (IMF). On June 28, 2012, the State Bank of Pakistan issued an advice to the Federal Reserves Bank of New York for payment of $107.6 million, in terms of Special Drawing Rights (SDR) 71.066 million, to the IMF.
This amount has successfully been transferred into the IMF account on Friday, when banks open in the US. Like previous payments, third instalment of SBA has also been paid from foreign currency reserves held by the State Bank. Chief Spokesman SBP Syed Wasimuddin has confirmed that third instalment of SBA to the IMF has successfully been made on June 29, 2012.
With payment of third instalment, during this fiscal year, total repayments under the SBA programme have reached $900.6 million as Pakistan had made two payments in last four months. In addition, at end of this fiscal year, principle amount under SBA loan will decline to $7.2 billion from $8.1 billion.
As per payment scheduled already decided with IMF, Pakistan had paid SBA's first instalment of 258.4 million SDRs ($399 million) to IMF on February 24, 2012. While, second instalment of SBA worth 258.4 million SDRs (some $394 million) was transferred into IMF account on May 25, 2012. Now, the next repayment to IMF is due in first quarter of current fiscal year 2013. Pakistan has to pay 258.425 million SDRs or about $398 million as on August 24, 2012 and fourth repayment is scheduled in October 2012, in which the country will pay 71 SDRs or $107 million to IMF.