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IMF approves $500m loan tranche for Pakistan

DUBAI: International Monetary Fund has approved the 10th tranche of about $ 500 million for Pakistan under the Extended Fund Facility.

The approval was given by the IMF Executive Board in Washington. It also completed the ninth review of economic performance under a three-year program.

The latest installment brought the total disbursement to about 4.98 billion dollars of a 6.64 billion dollars loan extended to Pakistan under the Extended Fund Facility in 2013.

In a statement issued after the meeting, Deputy Managing Director and Acting Chair Mitsuhiro Furusawa welcomed the commitment of Pakistan government to further strengthening the fiscal position and lowering public debt.

He said the focus is placed on revenue mobilization with a view to creating fiscal space for pro-growth spending and greater social protection.

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