The International Monetary Fund (IMF) has released $500 million to support Pakistan’s economy.
According to sources, this amount of money has been given to Pakistan by the IMF for the third instalment of the loan program.
Pakistan has borrowed $6 billion from the IMF and Pakistan has so far received 1. 1.95 billion from the IMF.
The State Bank of Pakistan has confirmed in a tweet that it has received the third tranche of 8 498.7 million from the International Monetary Fund.
It may be recalled that in this regard, an important meeting of the IMF was held on March 25 in which expressing satisfaction over Pakistan’s economic reforms, a 50 500 million instalment was approved.
A statement issued by the IMF executive board meeting said that a complete plan to increase electricity rates and a complete roadmap to reduce subsidies was also handed over to the IMF.
Pakistan has also handed over a comprehensive strategy to increase tax revenue to the IMF.
IMF Deputy Managing Director Antoinette Sayeh mentioned in a statement that the latest payment brought total disbursements under the Extended Fund Facility to 2 billion dollars since the program was first approved in July 2019.
She stated that Pakistani authorities have continued to make satisfactory progress under the program.
Earlier in February, an agreement was reached between the International Monetary Fund (IMF) and Pakistan which has paved the way for the release of a $500 million instalment to Pakistan.
Pakistan had assured of a structural reform program after which Pakistan’s debt program has been restored.