WASHINGTON: The International Monetary Fund (IMF) has approved release of about $506 million as part of three-year loan programme supported by an Extended Fund Facility (EFF).
In a statement issued in Washington, the IMF said that the tranche was released after the executive board of the IMF on June 26 completed the seventh review of Pakistan’s economic performance under the EFF.
With the release of the latest tranche, the total amount so far disbursed to Pakistan by the IMF comes to about $4.05 billion. This will take the country’s foreign exchange reserves to $18.7 billion.
The IMF Deputy Managing Director and Acting Chair Mitsuhiro Furusawa said that progress toward macroeconomic stabilization in Pakistan is encouraging. He said that the planned fiscal adjustment in the context of the fiscal year 2015-16 budget is appropriate.