IMF approves $506 mn for Pakistan under bailout programme

June 28, 2015 16:00

The IMF has approved over $506 million loan tranche to cash-strapped Pakistan as part of a three-year bailout programme to support the country's economic reforms and growth.

The executive board of the International Monetary Fund took the decision in Washington after the seventh review of Pakistan's economy for the period of January-March, 2015.

The Express Tribune reported that it paved the way for release of the eighth loan tranche of $506.4 million that will be made available to Islamabad this week. In September 2013, the IMF had approved a three-year Extended Fund Facility amounting to $6.6 billion.

With the fresh approval, the IMF's total disbursements since September 2013 have reached $4.1 billion. So far, the focus of the IMF remained on quantitative targets, but now the monetary body wants to shift to critical structural reforms.

« Back to LIVE

TOP STORIES

'RCB off the ventilator but still in the ICU'

After a comfortable victory over Gujarat Titans, former India all-rounder Ajay Jadeja believes Royal Challengers Bengaluru's bowlers have started to click in IPL 2024.

Pujara's ton puts Sussex on top vs Derbyshire

India batter Cheteshwar Pujara's unbeaten 104 helped Sussex extend their first innings lead to 111 runs in their County Championship Division Two match against Derbyshire on Saturday.

19-year-old lynched over 'sacrilege' charge in Punjab's Ferozepur

Bakshish Singh, a resident of Talli Gulam village, allegedly tore some pages of the Guru Granth Sahib, the holy book of the Sikhs, after entering the premises of the gurdwara in Bandala village, they said.

SRH looking to exploit batter-friendly Wankhede vs MI

The Pat Cummins-led side is in the midst of an intense battle between multiple teams who are bidding for spots in the final four, with Rajasthan Royals (16 points), Kolkata Knight Riders (14 points) and Lucknow Super Giants (12 points)...

AFSPA may become obsolete in J-K's future: Rajnath Singh

The defence minister, however, said the matter is under the domain of the Union home ministry and it will take appropriate decisions.