Received the frist installment from IMF $1.2bn: Ishaq Dar

The International Monetary Fund (IMF) has deposited $1.2 billion in the State Bank of Pakistan (SBP) account, boosting the cash-strapped nation’s hope for economic stability as the country teetered on the brink of default for several months.

The IMF executive board late Wednesday night approved a $3 billion Stand-By Agreement (SBA) under a nine-month programme, which was reached after eight months of tough negotiations over fiscal discipline. Pakistan reached a staff-level agreement with the lender last month, securing a short-term pact, which got more than expected funding for the crises-hit country of 230 million.