International Monetary Fund approves $550 million for Pakistan

The International Monetary Fund (IMF) has approved the second tranche of $550 million to Pakistan under the 6.6 billion loan programme, the Geo News reported.

According to finance ministry sources, Pakistan will soon receive the second installment of loan amounting to $550 million from the IMF. The approval for the issuance of second tranche of loan was granted by the IMF board of directors, sources said.

The IMF had approved in September the $6.6 billion loan for Pakistan to support its program to stabilise the economy and boost growth while expanding its social safety net to protect the poor.

The 36-month programme under the IMF's Extended Fund Facility aims at bringing down inflation and reducing the fiscal deficit to more sustainable levels.