Pakistan’s central bank received $1.2 billion from the International Monetary Fund (IMF), the first tranche of a three-billion rescue package to restore stability to the economy, Economy Minister Ishak Dar said on Thursday, one day after the World Bank approved the package.
Pakistan received $1 billion from the UAE and $2 billion from Saudi Arabia, assuring the two Arab countries of reaching an agreement between Islamabad and the IMF at the end of last month.
In a speech broadcast on television, Dar said that the first tranche of IMF funding had reached Pakistan’s bank account.
Pakistan’s sovereign and rupee bonds rose in value on Thursday after the IMF board approved the rescue package.
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