The State Bank of Pakistan (SBP) has received the first loan tranche of approximately $1.027 billion from the International Monetary Fund (IMF).

In a statement, the central bank confirmed, “Following the approval of the IMF Executive Board of a 37-month Extended Fund Facility amounting to $7 billion, SBP has received the first tranche of SDR 760 million (equivalent to $1,026.9 million) from the IMF today.”

These funds will be reflected in the SBP’s liquid reserves, which are set to be updated on October 3, 2024. The infusion of this tranche is expected to boost the central bank’s reserves to well over $10 billion. As of September 20, the SBP’s foreign currency reserves stood at $9.53 billion, according to the latest data released by the central bank.