IMF approves $500MN tranche for Pakistan

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The International Monetary Fund has approved a half billion disbursement for Pakistan after the board’s latest review, the fund said in a statement Thursday.

“The Executive Board of the International Monetary Fund (IMF) completed today the second through fifth reviews of the Extended Arrangement under the Extended Fund Facility (EFF) for Pakistan. The Board’s decision allows for an immediate disbursement of SDR 350 million (about US$500 million), bringing total purchases for budget support under the arrangement to about US$2 billion,” the statement added.

IMF Deputy Managing Director Antoinette Sayeh said Pakistan has continued making satisfactory progress under the program.

Adding that while the ongoing coronavirus pandemic continues to pose novel challenges, the authorities’ policies have been critical in supporting the economy and saving livelihoods.

Pakistan and IMF had signed a $6 billion bailout package in July 2019.