Targets achieved under the IMF agreement: SBP

KARACHI: The State Bank of Pakistan (SBP) has achieved the targets, prescribed by the International Monetary Fund (IMF) in the Stand-by Agreement.

Banking sources told Geo News that in the quarter ending December 31, the Central Bank has achieved the targets of increasing the external assets and lessening the internal assets of banking system. While the Bank has also attained the target of giving loan to the government set under the Stand-by Agreement.

Sources said the official statistics would be released in the next few days.

The government had gained Rs16 billion from the auction of Treasury Bills (T-Bills) in December while the government has paid off the Central Bank’s loan from the earned money.

It may be noted that instead of releasing the aid in January 2010, the IMF has released the fourth tranche of $1.20 billion on December 28 while $400 million were provided to cover the budget deficit.

The IMF aid helped the banking system to increase its foreign assets up to Rs34 billion and the SBP has remained successful in achieving the prescribe targets.