IMF approves $1 billion loan tranche for Pakistan
The Hindu
The IMF’s Executive Board held a meeting to consider Pakistan’s request for completion of the sixth review and release of a $1 billion tranche under EFF.
The International Monetary Fund (IMF) has approved the completion of the sixth review of its stalled $6 billion programme for Pakistan, paving the way for an immediate disbursement of about $1 billion loan tranche for the cash-strapped country.
The IMF’s Executive Board held a meeting in Washington DC on February 2 to consider Pakistan’s request for completion of the sixth review and release of a $1 billion tranche under the Extended Fund Facility (EFF).
The completion of this review allows for an immediate disbursement of 750 million in Special Drawing Rights (SDR) (about $1 billion) to Pakistan, bringing total disbursements under the arrangement to SDR 2,144 million (about $3 billion) or 106% of the country’s quota, the Dawn newspaper reported on Thursday.
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