ISLAMABAD: Pakistan received $452 million as the second installment of the International Monetary Fund (IMF) $6 billion loan program, the State Bank of Pakistan said.
The IMF had evaluated Islamabad’s economic progress and approved the release of the second tranche on December 20.
On July 3, the IMF’s Executive Board had approved a 39-month arrangement under its Extended Fund Facility, in order to support the government’s economic reform program. Pakistan received the first IMF payment of $991.4 million on July 10.
The country would get the remaining amount in installments over the next three years. However, it is subject to tough economic reforms to put the country’s economy on the path of sustainable and balanced growth and increase its per capita income.
“Pakistani governmentis now determined and committed to implementing strong and solid economic program with IMF’s support,” said Maria Teresa Daban Sanchez, the IMF resident representative for Pakistan.
The targets and objectives of the fiscal and the monetary policies and the power sectors have been achieved for the first quarter, she said. The program is on track and the policies are getting good results.
The economic challenges being faced by Pakistan today is the result of unbalanced policies over the years, she quoted as saying by SAMAA.
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