Summary On August 26, Pakistan will pay back another $258.5 million to the IMF.
ISLAMABAD (Web Desk) – Pakistan has returns another tranche of $145.4 million to the International Monetary Fund.
This will be the 18th tranche to repay an IMF loan taken in November 2008. On August 26, Pakistan will pay back another $258.5 million SDR or about $393 million to the IMF.
With these two big payments of about $538 million, gross foreign currency reserves held by the State Bank of Pakistan will fall below $4.5 billion until some assistance comes from abroad.
Pakistan paid $264.9 million to the Fund under SBA and its extended credit facility (ECF) in June 28, 2013. Heavy debt repayments to the IMF have been putting a dent in the international reserves of the State Bank of Pakistan, resulting in depreciation in the exchange rate.
The State Bank’s foreign exchange reserves slid to $5.1 billion as of July 26, 2013. External debt payments scheduled for FY14 total $5.8 billion (2.5 percent of GDP), including nearly $3 billion to the IMF.
