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IMF approves third tranche of $550 million

ISLAMABAD: International Monetary Fund (IMF) has approved the third tranche of $550 million under the Extended Fund Facility (EFF) for Pakistan on Monday, ARY News reported.

The approval was given during the IMF’s Executive Board meeting held on Monday.

The third tranche would take the country’s foreign exchange reserves to $10 billion by the end of March. Pakistan’s foreign exchange reserves currently stood at $9.65 billion.

Pakistan had received two tranches worth of around $1.1 billion since September 2013. Meanwhile, Pakistan would receive two further installments of $1.1 billion before June 30.

 

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