Pakistan

Toughest review: IMF approves $1 bn loan tranche for Pakistan

ISLAMABAD: Following the implementation of tough conditions demanded by the International Monetary Fund, its Executive Board on Wednesday approved the completion of the Sixth Review and release of $1 billion tranche for Pakistan under the Extended Fund Facility (EFF).

In line with the IMF’s staff-level agreement, Pakistan got approval for a mini-budget, granted autonomy to the central bank under the State Bank of Pakistan (SBP) Amendment Act, hiked power tariff and other prior actions that ultimately paved the way for completion of the outstanding review and release of $1 billion tranche from the IMF Executive Board. Minister for Finance Shaukat Tarin on Wednesday night tweeted, “I am pleased to announce that the IMF’s Board has approved 6th tranche of their programme for Pakistan”.

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