The International Monetary Fund (IMF) has approved second tranche worth of 450 million dollars for Pakistan under the 6 billion dollars extended
Islamabad (Pakistan Point News / Online - 20th December, 2019) The International Monetary Fund (IMF) has approved second tranche worth of 450 million Dollars for Pakistan under the 6 billion dollars extended.Earlier on Friday, the IMF praised Pakistan's economic performance and agreed on next steps, paving the way for release of another portion of 6 billion dollars, three-year financial package.The approval was given during a meeting held in Washington on Friday.
The meeting also reviewed Pakistan's economic conditions.Once the IMF board gives the go ahead, the Washington-based organization will provide 450 million dollars to help Pakistan's economy. The lender had released 1 billion dollars in July.IMF Director Gerry Rice said IMF is giving 6 billion dollars for financial reforms in Pakistan, adding that in this regard, an IMF delegation had made a visit to Pakistan in November last year.It is to mention here that Pakistan has received an estimated 1 billion dollars from IMF under its 6 billion dollars loan for financial reforms.
For the next tranche, a staff-level agreement has been made.Gerry Rice said that the IMF had made an initial review of Pakistan's economy, adding that Pakistan has met all agreed requirements of the program.The executive directors board observed that Pakistani government was putting serious efforts to eliminate poverty from the country, adding that price stability have been started. The board further observed that social circle is being broadening and stock exchange rates being implemented on the market basis.
