ISLAMABAD – The International Monetary Fund (IMF) on Friday approved the release of $501.4 million to Pakistan and praised the country’s efforts for stabilizing the economy and urged the government to continue reforms.
The decision to approve the seventh loan tranche worth $520 million was taken by the Executive Board of the IMF in a meeting held in Washington. The approval was already anticipated, as the government had comfortably met all the conditions set for the period of October-December 2014 period. The IMF Board also approved the sixth review of Pakistan’s economy. It was for the first time in last one and a half year when the country had a smooth sailing in the Executive Board meeting. Unlike in the previous five reviews when the Board had to waiver about a dozen conditions, this time Pakistan did not require any waiver.