ISLAMABAD: International Monetary Fund (IMF) has approved the release of second tranche of $550 million, said a statement of Pakistan's Ministry of Finance issued here Thursday evening.

The International Monetary Fund’s board on September 4 had approved a $6.7 billion loan package for Pakistan to help the nation revive its ailing economy.

In a statement, the IMF said the three-year program should help Pakistan rebuild its reserves and prevent a crisis in the balance of payments.

The first tranche of $540 million has already been received by Pakistan while the remaining amount will be evenly disbursed over the duration of the programme.

The disbursements of loan are subject to the completion of quarterly reviews by IMF experts.