IMF to approve seventh tranche worth 506 million dollars for Pakistan

ISLAMABAD (92 News) - The International Monetary Fund (IMF) is likely to approve a 506 million dollar tranche today (Friday) for Pakistan under the extended fund facility that would further build the country’s foreign exchange reserves. According to details, the IMF board is scheduled to hold a meeting tomorrow in Washington DC. The meeting would finalise different matters including approval of loan to Pakistan. Pakistan achieved the staff-level agreement with the IMF in May after the successful completion of the 7th review of loan held in Dubai. After this staff-level meeting in Dubai, Pakistan and the IMF officials had said that the country had met all performance criteria or conditions of the IMF and the final approval would be given in the executive board’s meeting of the IMF in June. This tranche is part of a three-year funding agreement by which at least 3.70 billion dollars have been received by Pakistan in the past two years.