Pakistan gets $498.7m tranche from IMF

ISLAMABAD (Web Desk) - Pakistan has received the fresh tranche of 498.7 million dollars from International Monetary Fund.

According to State Bank of Pakistan, the Bank has received IMF tranche of 498.7 million dollars under the Extended Fund Facility.

Earlier on March 25, the International Monetary Fund approved 500 million dollars disbursement for Pakistan under the Extended Fund Facility, bringing the total budget support under the arrangement to about 2 billion dollars.

On March 25, the IMF approved a 500 million dollar disbursement to Pakistan for budgetary support after its Executive Board completed delayed reviews of Pakistan’s 6 billion dollar loan program.

IMF Deputy Managing Director Antoinette Sayeh told this in a statement saying the latest payment brought total disbursements under the Extended Fund Facility to 2 billion dollars since the program was first approved in July 2019.

She said Pakistani authorities have continued to make satisfactory progress under the program.

Earlier, Pakistan and the International Monetary Fund have reached an agreement on a package of measures to complete second to fifth reviews of the authorities’ reform program supported by the IMF Extended Fund Facility (EFF).

According to a press release issued by the IMF on Tuesday, the package strikes an appropriate balance between supporting the economy, ensuring debt sustainability, and advancing structural reform. "Pending approval of the Executive Board, the reviews’ completion would release around US$500 million," it added.