Karachi, Nov 13: Pakistan today received twin installments totalling USD 245 million from the International Monetary Fund in the latest disbursement from a three year USD 1.5 billion loan package. "We have received the seventh and eighth instalments cumulatively of USD 245 million from the IMF," State Bank of Pakistan spokesman Syed Wasimuddin said.
The latest tranches brought the central bank's foreign reserves up to USD 11.75 billion, he added.
The loan program to fight poverty and spur growth in the Islamic republic of 150 million people began in December 2001.
One third of the population is living in poverty, according to the bank, despite Pakistan's record macroeconomic performance in the past two years.
Finance Minister Shaukat Aziz has said Pakistan will not seek to extend the loan program once it expires in November next year.
The IMF loans carry an annual interest rate of 0.5 percent and are repayable over 10 years with a five-and-a-half year grace period on principal payments.
Bureau Report