"Like previous three instalments, Pakistan can easily pay the fourth instalment on time without any delay as sufficient reserves have been held by SBP," they added. Pakistan has already paid three installments of $901.4 million during FY12 and now first instalment of FY13 and cumulatively fourth re-payment of the SBA is due on August 24, 2012 (today).
To ensure timely payment, on August 23, 2012, the State Bank of Pakistan (SBP) issued an advice to the Federal Reserves Bank of New York for payment of $397 million, in terms of Special Drawing Rights (SDR) calculated at 258.425 million, to the IMF, sources said. "This amount will be transferred into the IMF account today (Friday), when banks will open in United State," they added.
Chief Spokesman SBP Syed Wasimuddin has also confirmed that an advice for payment of fourth instalment of the SBA to the IMF has been issued and amount will be transferred into the IMF account on August 24, 2012. With the payment of fourth instalment, next repayment to the IMF is scheduled for October 2012, when the country will pay $113 million.
According to the SBA agreement with IMF, 12 instalments of worth 1.726 billion Special Drawing Rights (SDR) are due on account of repayment of SBA during this fiscal year ie 2012-13. In terms of dollar, it calculated around 2.8 billion, which will be paid from State Bank of Pakistan's reserves.
The country is facing many economic challenges on internal and external fronts - higher current account deficit, decline in exports and foreign reserve - however Pakistan is managing to pay the SBA instalment on time, sources said. So far Pakistan has repaid SDR 587.9 million by July 31, 2012. Outstanding IMF SBA loan amounts to SDR 4348.1 million as of July 31, 2012. This amount does not include the repayment to IMF of SDR 258.4 million or $397.2 million to be repaid Fri day (August 24, 2012).