ISLAMABAD   -   The State Bank of Pa­kistan (SBP) has re­ceived $1.16 billion from the International Monetary Fund (IMF).

“SBP has received proceeds of USD 1.16 billion (equivalent of SDR 894 million) af­ter the IMF Execu­tive Board completed the combined seventh and Eight reviews under the Extended Fund Facility (EFF) for Paki­stan,” said SBP on twitter. This will help improve SBP’s for­eign exchange reserves and will also facilitate realiza­tion of other planned inflows from multilateral and bilater­al sources, it added. The IMF on Monday last completed the combined seventh and eighth reviews under the Extended Fund Facility (EFF) for Paki­stan, allowing the authorities to draw the equivalent of SDR 894 million (about US$1.1 bil­lion). In order to support pro­gram implementation and meet the higher financing needs in FY23, as well as cat­alyze additional financing, the IMF Board approved an exten­sion of the EFF until end-June 2023, rephasing and augmen­tation of access by SDR 720 million that will bring the to­tal access under the EFF to about US$6.5 billion.