IMF approves $497 mln tranche for Pakistan

By
Reuters
|
IMF approves $497 mln tranche for Pakistan

ISLAMABAD: The International Monetary Fund said on Thursday it had agreed to release a $497 million tranche for Pakistan after the latest review of a bailout package awarded in 2013, though the disbursement still requires IMF board approval.

Once the latest disbursement is made, the IMF will still have to release $1.1 billion of the total $6.7 billion loan agreed three years ago.

"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," the IMF said in a statement.