IMF approves loan’s third Portion for Pakistan
The International Monetary Fund (IMF) has approved the release of the next loan tranche of around $500 million for Pakistan.
According to the statement released by the IMF, the consent was given after reviewing Pakistan’s progress in line with the program in the Board of Directors (BoD) meeting.
The board’s approval has paved the way for the release of a $500 million third loan tranche. Out of the $6 billion, the IMF has already paid out $1.45 billion in two tranches, bringing the total disbursements to $2 billion.
The IMF has acknowledged Pakistan’s policies of bringing reforms in the economic sector.
In November last year, the second tranche of IMF loan designated for Pakistan, worth 450 million rupees was approved.
Also Read: Islamabad markets to remain closed on Friday and Saturday as per new NCOC instructions
Before the development, the international body had emphasized additionally lessen the fiscal deficit by making a cut in government’s expenses, exemption, and subsidies in various sectors and a major rise in the number of taxpayers.
During the stay of the IMF mission in Pakistan, the economic team had briefed the institution over the financial statistics which witnessed a reduction of 32 percent in term of the current account deficit; 64 pc declivity in the first quarter of the current financial year, and 50 pc decrement in the fiscal deficit.