IMF approves 2nd tranche of $550m for Pakistan

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IMF approves 2nd tranche of $550m for Pakistan

Written By GA Team on Thursday 19 December 2013 | 4:03 pm

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http://www.globalnewsnetwork.tk/2013/12/imf-approves-2nd-tranche-of-550m-for.html

KARACHI: The International Monetary Fund (IMF) has approved the second tranche of 550 million dollars to Pakistan under the 6.6 billion loan program.

According to sources, the approval for the issuance of second tranche of loan was granted by the IMF board of directors.

Pakistan will soon receive the second installment of loan amounting to 550 million dollars from the IMF, said the sources at Ministry of Finance.

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

The 36-month program under the IMF’s Extended Fund Facility aims at bringing down inflation and reducing the fiscal deficit to more sustainable levels.(GNN)Geo)(S-W)