Quantcast
Saturday , August 19 2017
Breaking News
Home / Business / $1.05b IMF tranche: Reserves cross $15b mark, SBP holds $10b, says Dar
$1.05b IMF tranche: Reserves cross $15b mark, SBP holds $10b, says Dar

$1.05b IMF tranche: Reserves cross $15b mark, SBP holds $10b, says Dar

ISLAMABAD: Federal Finance Minister Ishaq Dar has said that the country’s foreign currency reserves have crossed the $15-billion mark as Pakistan received $1.05 billion from the International Monetary Fund (IMF) under three-year Extended Fund Facility.

He said this while giving briefing to Prime Minister Nawaz Sharif. He said that out of the total forex reserves, $10 billion was held by the State Bank of Pakistan (SBP) and the rest by commercial banks.

The premier congratulated the finance minister and his team for initiating good and prudent economic polices.

The IMF released these funds after the fourth and fifth reviews of the country’s economic performance completed last week. The conclusion of the review enabled the release of an amount equivalent to $1.05 billion which brought the total disbursements under the arrangement to $3.2 billion.