The State Bank of Pakistan (SBP) on Friday said that it has received the first tranche of Special Drawing Rights (SDR) 760 million, equivalent to $1.03 billion, from the International Monetary Fund (IMF).

“Following the approval of the IMF Executive Board of a 37-month Extended Fund Facility amounting to US$7 billion, the SBP has received the first tranche of SDR 760 million (equivalent to USD 1026.9 million) from the IMF today,” the central bank said.

These inflows will be reflected in SBP liquid reserves to be released on Thursday, October 3, 2024, it added.

The IMF Executive Board approved the 37-month, $7-billion Extended Fund Facility for Pakistan on Wednesday.

The Pakistani authorities and the IMF team reached a staff-level agreement on the EFF in the amount equivalent to SDR 5,320 million (or about USD 7 billion) on July 12.