Karachi, September 12, 2024—Governor of the State Bank of Pakistan (SBP), Jameel Ahmad, has said that Pakistan has secured the $2 billion in external financing needed for its International Monetary Fund (IMF) program. This development clears the path for the IMF board’s approval in the coming months.
Ahmad made these comments during a briefing with analysts following the central bank’s Monetary Policy Committee (MPC) decision to cut the interest rate by 200 basis points, as noted in a brief from brokerage house Topline Securities.
He mentioned that external repayments are evenly distributed over the next six months, with no significant payment due aside from rollover amounts. The central bank is now focusing on fostering sustainable economic growth while maintaining external account stability. Ahmad also pointed out that the momentum in remittances should continue, thanks to a narrower gap between formal and informal market rates.
Additionally, the governor noted that the SBP will soon transfer dividends exceeding Rs. 2.5 trillion to the government from its FY24 profits.
