IMF approves $506 mln loan tranche for Pakistan

27 Jun, 2015 10:05 am

ISLAMABAD (92 News) – International Monetary Fund on Saturday approved release of about 506 million dollars as part of three-year loan programme supported by an Extended Fund Facility (EFF).

In a statement issued in Washington, IMF said the tranche was released after the board completed the seventh review of Pakistan’s economic performance under EFF.

With the release of the latest tranche, the total amount so far disbursed to Pakistan comes to about 4.05 billion dollars. This will take the country’s foreign exchange reserves to 18.7 billion dollars.

IMF Acting Chair Mitsuhiro Furusawa said progress toward macroeconomic stabilization in Pakistan is encouraging.

He said the planned fiscal adjustment in the context of the fiscal year 2015-16 budget is appropriate.

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