IMF approves $550 mln second tranche for Pakistan
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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.
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Comments (3) Closed
Dec 20, 2013 04:41am
Revive economy, how wrong is this report Pakistani political leadership is known for corruption world over and they have achieved new heights in corruption. The present government of PML-N is no exception they made fortunes through corruption during their previous terms, this time around they will not hesitate to create new record even if it is at the cost of the country.
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Dec 20, 2013 05:09am
A great day for the people in power - the should celebrate.
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Dec 21, 2013 07:13am
How $550 million will be spent? hope it does not end up in politicians bank accounts - like few million ended up in Amin Fahim account which he did not know who put it there.
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