Pakistan to get IMF tranche in first week of September

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Pakistan will get the $1.17 billion tranche from the International Monetary Fund (IMF) in six days’ time after approval from the Executive Board that is scheduled to meet on August 29, SBP Acting Governor Murtaza Syed told Bloomberg TV.

Murtaza Syed said that the country’s forex reserves will shore up to $16 bln by the end of the current fiscal year which dropped to $8 billion amid the worsening economic currency crisis.

“Pakistan has commitments of $38 billion so we are over finance,” he said.

The central bank chief said that approvals of bilateral help to materialise soon amounting to $4 billion while the current account deficit expected to be 3% of GDP.

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