ISLAMABAD - Pakistan on Thursday repaid the second instalment worth $394 million of the Stand-By Arrangement (SBA) to the International Monetary Fund (IMF), Finance Ministry officials informed TheNation.Pakistan had reimbursed the first instalment of $417 million under the SBA facility in the week ending on February 24, 2012.It is pertinent to recall that Pakistan has to repay $1.2 billion to the IMF during the outgoing financial year 2011-12, which includes $990 million of the SBA loan taken by the incumbent government and $210 million from previous IMF loans.Meanwhile, the government would pay the third instalment of more than $140 billion in the last week of next month.The officials of the Finance Ministry claimed that repayment to the IMF would not put negative impact on the foreign exchange reserves of the country.According to the latest information given by the central bank, Pakistan’s gross foreign exchange reserves have been recorded at $16.311 billion on May 18.However, sources are of the view that balance of payments will remain under pressure in the next financial year 2012-13 due to the external debt repayments including repayments to the IMF, a declining trend of export quantum, rising international oil prices and weak financial inflows.The gross reserves of the State Bank of Pakistan (SBP) are likely to deplete in the fiscal year to come 2012-13, as Pakistan has to repay $3.218 billion to the IMF in financial year 2012-13. Similarly, $3.053 billion will be paid in the next financial year.