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28/11/2008  
 Headlines: Senate told Seven airports shut in country,     ISB: The Senate was informed Friday that seven airports in different cities have been closed due to suspension of PIA flights.     The PIA suspended the flights due to a daily loss of Rs19 million during last year.     Suprem Court orders arrest of Gilani’s ex-PRO,     ISB: SC has asked the FIA to arrest former media coordinator of the prime minister, Khurram Rasool.     Present him in the court on 24th January otherwise action would be taken against the Agency.     Khurram Rasool is accused of corruption of Rs530 million.     Musharraf denies delay in return,     LONDON/KARACHI: Former military ruler & chief of (APML) Pervez Musharraf has rejected reports about suspension of programme to return home.     he would be back in Pakistan according to the scheduled programme.     SBP injects Rs 242.5bn in market,     Trade thru dry port fetches Rs1bn tax,     India SC rejects army chief’s plea,     100 more engines by year-end: Bilour,
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 IMF's $3.1bn arrives in SBP vault



KARACHI: The State Bank of Pakistan Thursday said it has received the first tranche of loan approved by the International Monetary Fund (IMF) for Pakistan. The tranche received amounts to $3.1 billion.
The IMF approved a loan of $7.6 billion to help the country avert a balance of payments crisis. The fund had announced that Pakistan will get immediate access to $3.1 billion under the 23-month IMF facility, and rest will be phased in subject to quarterly reviews.
The package means Pakistan will avert a balance of payment crisis and be able to cover an international sovereign bond maturing in February.
Spokesman of the State Bank Syed Wasimuddin said the central bank received the first tranche and it would be reflected in official data next week.
The latest foreign reserve data will be announced later in the day but that will be for the week that ended on Nov 22, the spokesman said on Thursday. -Reuters