WASHINGTON, March 1: The International Monetary Fund on Friday approved $118 million for Pakistan for a three-year programme aimed at fighting poverty and boosting growth.

The latest approval was the fourth of a total $1.4 billion approved by the IMF in December 2001. Under the programme, Pakistan has been encouraged to improve its investment climate and reduce the economy’s vulnerability to external and internal shocks.

The IMF commended Pakistan for making further progress on stabilization in what it called a difficult economic and political environment.

Pakistan’s economy has grown steadily in recent years, expanding at about 3.6 per cent in 2002, up from 2.5 per cent in 2001, according to the IMF’s latest yearly review.—Reuters