IMF Board Approves Disbursement of $501Mln to Pakistan

The board of directors of the International Monetary Fund’s (IMF) has completed a review of Pakistan’s economic performance and has approved disbursement of the next money tranche to the country, the IMF said in a press release on Tuesday.

WASHINGTON (Sputnik) — In 2013, the IMF approved about US$6.64 billion aid package for Pakistan.

"The Executive Board’s decision enables the immediate disbursement of an amount equivalent to SDR 360 million (about US$501 million), bringing total disbursements to SDR 4.32 billion (about US$6.01 billion)," the release stated.

The economic recovery in Pakistan has gradually strengthened, while vulnerabilities receded, the fund noted.

"The [Pakistani] authorities are on track to achieve their program’s end-year fiscal targets, and their commitment to continue with gradual fiscal consolidation in FY [fiscal years] 2016/17 is welcome," IMF Deputy Managing Director Mitsuhiro Furusawa said.