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Pakistan gets $497 million loan approval from IMF
The International Monetary Fund on Thursday agreed to provide a USD 497 million tranche for Pakistan as part of a bailout package agreed in 2013.
The International Monetary Fund on Thursday agreed to provide a USD 497 million tranche for Pakistan as part of a bailout package agreed in 2013.
The decision was made after a crucial meeting between IMF and Pakistani official this week in Dubai.
"After constructive discussions, the mission and the Pakistani authorities have reached staff level agreement on the completion of the tenth review under the EFF (Extended Fund Facility) arrangement," IMF said in a statement.
The disbursement of the agreed amount will be made after requirement by the IMF board approval but it will be just a formality after the agreement reached with Pakistan.
The IMF will still have to release USD 1.1 billion of the total USD 6.7 billion loan agreed three years ago.
The loan helped Pakistan in 2013 to avoid a default when foreign exchange reserves had depleted to a dangerous level.
The privatisation of 68 state-owned companies, which include loss-making enterprises like Pakistan International Airlines, is a crucial part of the IMF deal.
