Pakistan receives $553m from IMF

KARACHI: Pakistan on Tuesday received second tranche of $553.5 million from the International Monetary Fund, announced the State Bank of Pakistan.

Under the Extended Fund Facility (EFF), the IMF approved a total $6.64 billion for Pakistan and first installment of $544.5 million was released in September.

The country is in dire need to improve its foreign exchange reserves which melted to just $3.46bn till last week. However with this fresh inflow the reserves have risen to over $4bn now.—Staff Reporter

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