ISLAMABAD: An amount of $99 crores and 14 lakhs has been received today by State Bank of Pakistan as the first tranche of IMF’s Bailout Package.
It may be recalled that on 3rd of July Executive Board of IMF had approved the $ 6 billion Bailout Package for Pakistan in order to ease a sustained pressure on its foreign currency reserve.
Other tranches will be released over a period of 39 months. Meanwhile, a quarterly review will also be conducted by IMF to gauge the country’s performance.
So far due the conditions imposed by IMF the rupee has depreciated by some 33 per cent decreasing the wealth of Pakistani citizens while debt has increased due to the appreciation of dollar.
Govt. has been given a target apropos collection of taxes and the common man is feeling the crunch due to rising prices of commodities, utilities and transport.