It has been reported from Karachi that Pakistan has now received a fourth instalment of the International Monetary Fund (IMF). This loan was approved last year in order to bolster the economy of the country. The total amount received by Pakistan is $556m.
The IMF team reviewed the economic conditions in Pakistan before releasing the fund. They made sure that the country is in dire need before sending the money.
A spokesman from the State Bank of Pakistan came out in the open to speak about the scenario and claimed that Pakistan now has $556m in their foreign exchange reserves. He said, “We have got the $556 million into our foreign exchange reserves now.”
Last year Pakistan received a $6.8 billion bailout package. This was to help the country reach its economic reforms. It was needed mainly because Pakistan is currently going through an energy crisis.
Before the Extended Facility Fund (EFF) was released by the IMF, Pakistan’s foreign reserves stood at $7.8 billion. However, this has now doubled and now they stand at $14.8 billion.
Pakistan is currently trying to get its economy back on track while trying to sort out several problems in the country. From militant insurgency to energy crises, the country is struggling to say the least.